Latest News
Forestry Investment News
Canadian forestry gets billion dollar subsidy
19/06/2009
The Canadian forestry industry is set to benefit from a billion-dollar subsidy payment from the government to counter rebates received by the US industry.
The Canadian industry is suffering as a result of the global financial crisis but the US is taking in hundreds of millions each week as part of a $7 billion rebate programme which rewards alternative fuel use. The proposals will see Canada benefitting from around a billion dollars of investment; and British Columbia is set to receive more than $400,000 as it is responsible for over 40% of the country’s pulp and paper production.
Natural resource minister, Lisa Raitt, says the subsidy programme "will lay the groundwork for a greener, more sustainable future for Canada's pulp and paper industry.”
The industry is likely to welcome the programme but is keen to see the aid come quickly and be distributed fairly.
The subsidy programme from Ottawa will reward green energy projects and environment improvement projects. Pulp and paper milling can result in energy generation and in this way, pulp and paper industries can qualify for the green projects subsidies.
The Canadian industry is suffering as a result of the global financial crisis but the US is taking in hundreds of millions each week as part of a $7 billion rebate programme which rewards alternative fuel use. The proposals will see Canada benefitting from around a billion dollars of investment; and British Columbia is set to receive more than $400,000 as it is responsible for over 40% of the country’s pulp and paper production.
Natural resource minister, Lisa Raitt, says the subsidy programme "will lay the groundwork for a greener, more sustainable future for Canada's pulp and paper industry.”
The industry is likely to welcome the programme but is keen to see the aid come quickly and be distributed fairly.
The subsidy programme from Ottawa will reward green energy projects and environment improvement projects. Pulp and paper milling can result in energy generation and in this way, pulp and paper industries can qualify for the green projects subsidies.
RSS