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Canadian federal budget to benefit forestry sector
08/03/2010
The Canadian government, which has faced accusations of dragging its feet on green energy initiatives, has signaled its intention to modernize its complex regulatory process for new energy projects. It will also invest millions of dollars into sustainable technologies for the forestry sector.
As it stands, some energy projects are taking years to receive all the necessary approvals from various authorities – something that does not go down well with investors. Canada’s federal budget, revealed on Thursday, pledged to "further improve the regulatory review process for large energy projects" to remove the bottlenecks that are currently impeding many energy and forestry investments.
From now on, responsibility for carrying out environmental assessments will be handed over from the Canadian Environmental Assessment Agency (CEEA) to the National Energy Board and the Canadian Nuclear Safety Commission. The government says this body has more expertise than the CEEA.
The federal budget was especially good news for the forestry sector, which is to benefit from C$100 million ($97 million) over the next four years to support the development of advanced clean energy technologies to make the sector more sustainable and more attractive to investors.
As it stands, some energy projects are taking years to receive all the necessary approvals from various authorities – something that does not go down well with investors. Canada’s federal budget, revealed on Thursday, pledged to "further improve the regulatory review process for large energy projects" to remove the bottlenecks that are currently impeding many energy and forestry investments.
From now on, responsibility for carrying out environmental assessments will be handed over from the Canadian Environmental Assessment Agency (CEEA) to the National Energy Board and the Canadian Nuclear Safety Commission. The government says this body has more expertise than the CEEA.
The federal budget was especially good news for the forestry sector, which is to benefit from C$100 million ($97 million) over the next four years to support the development of advanced clean energy technologies to make the sector more sustainable and more attractive to investors.
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