Today, the Government of British Columbia, the Government of Canada, and Shell announced the commitment of matching funding towards the B.C. Centre for Innovation and Clean Energy. Accordingly, this Centre will bring together innovators, industry, governments, and academics to help accelerate the commercialization and scale-up of lower-carbon energy technologies.
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It will also aim to be a catalyst for new partnerships and world-leading innovation to deliver near and longer-term carbon emission reductions.
About the investment
On Friday, the Government of British Columbia, the Government of Canada, and Shell announced a new investment towards the B.C. Centre for Innovation and Clean Energy. According to the parties, this Centre will bring together different actors to accelerate the commercialization and scale-up of lower-carbon energy technologies.
Besides, the Centre will also look to be a catalyst for new partnerships to deliver long-term carbon emission solutions.
Indeed, this initiative is part of Shell’s larger target to become a net-zero emissions energy business by 2050, in step with society. Therefore, becoming a net-zero emissions energy business means that the Company is reducing emissions from its operations, Shell noted in a media release.
Additionally, Shell noted that through this collaboration, it would continue helping its customers reduce their emissions from the fuels and other energy products Shell sells to them. It will also mean capturing and storing any remaining emissions using technology or balancing them with offsets.
Furthermore, and it is worth noting, the Company acknowledged that its current business plans do not bring it there; therefore, they will need to change. Accordingly, Shell is transforming its business and finding new opportunities to provide more lower-carbon energy; for instance, such as biofuels, hydrogen, charging for electric vehicles, and electricity generated by solar and wind power.
Shell on its commitments to achieve its low-carbon target
Therefore, as illustrated by the announcement, the Company is partnering with governments, innovators, and others to address emissions; for instance, including in sectors that are difficult to decarbonize.
Therefore, the Government of British Columbia and Shell each committed $35 million (CAD) towards the Centre; particularly, to leverage other public and private-sector investments and participation. Moreover, the Government of Canada committed up to $35 million for the Centre’s innovative projects.
Lastly, the Company noted that the Centre’s initial focus areas for funding and project delivery; include carbon capture, utilization, and storage; also, the production, use, and distribution of low-carbon hydrogen; additionally, biofuels and synthetic fuels (including marine and aviation fuels); renewable natural gas; and finally, battery technology, storage, and energy management systems.
Therefore, the Centre will launch later this year and be established as a member-based, non-profit corporation; particularly, operating independently of government and private entities. Accordingly, the intent is to attract a wide range of companies and partners that share a common focus on lower-carbon innovation and scaling up clean energy technology.