Trudeau made the announcement Friday morning and said the goal is to create immediate jobs in these provinces, while helping companies avoid bankruptcy.
“These wells, which are no longer in use, can be detrimental, not only to our environment but to people’s health,” Trudeau said.
“Cleaning them up will bring people back to work and help many land owners who have had their wells on their property for years but haven’t been able to get them taken care of and the land restored.”
The prime minister said this investment will help maintain 5,200 jobs in Alberta alone.
“Right now, workers and families are struggling because of things beyond their control. Both the devastating effects of the pandemic and the price war driven by foreign interests are a challenge.”
In a statement, the Business Council of Alberta said the funding announcement is welcome news for energy companies, working Albertans and the environment.
“This is a win-win, that will keep thousands of Albertans working in some of our hardest hit industries, while also improving the environment. However, additional support is still needed, specifically liquidity, for some of Canada’s most significant energy companies.”