The Canadian government has shown how it wants to green its industry and start using hydrogen more abundantly. At the same time, the Cabinet urged investors not to be afraid to put their money into new technologies.
The industry will need a total of 50 billion Canadian dollars to be able to achieve carbon neutrality by 2050. As a result, 350,000 jobs should be created and the country should achieve carbon neutrality by 2050.
Canada’s Minister of Mineral Resources, Seamus O’Regan, said the industry will need $5 billion to $7 billion in hydrogen technology investments in the near future to effectively start the road to greater hydrogen use. At the same time, he assured that the government has no plans to invest “any new federal money” in its hydrogen strategy.
However, the government has previously announced that it intends to create an investment fund to finance the development of low-carbon fuels, including the hydrogen. It is expected to put 1.5 billion Canadian dollars into the fund. Canada is the fourth largest oil producer and its energy sector has been hit hard by the ongoing coronavirus pandemic. That is why it is looking for new ways to reinvigorate energy.