Subhead:Launched in 2016 with a $2 billion budget (later $2.2 billion) to subsidize corporate green refits, the Low Carbon Economy Fund failed, and its budget was cut to $820 million.#
An internal Department of Environment report reveals that the costly Low Carbon Economy Fund will not achieve promised emission reductions, despite two lowered targets, according to Blacklock’s. In 2022, then-environment minister Steven Guilbeault called the failed program a “good example” of climate leadership.
Launched in 2016 with a $2 billion budget (later $2.2 billion) to subsidize corporate green refits, the fund lacked provincial engagement. Due to project failures, its budget was cut to $820 million.
An Evaluation Of The Low Carbon Economy Fund revealed that the program missed its greenhouse gas reduction targets due to “higher than expected project delays, cancellations and withdrawals.”
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The fund, initially aiming to cut 10 million tonnes of greenhouse gas emissions by 2030, lowered its target to 7 million and then 3.9 million tonnes. Its lack of success is allegedly due to external disruptions like COVID-19, supply chain issues, and geopolitical conflicts.
“Projected emission reductions do not always materialize,” admitted the evaluation report.
