News

April 17, 2020

Support for energy industry is welcome, but more liquidity support needed

CALGARY – Today’s long-awaited announcements of $1.7B in funding for inactive well cleanup and $750M for methane reduction are welcome news for energy companies, working Albertans, and for the environment.

The Business Council of Alberta has been advocating for this program, which is a win-win that will keep thousands of Albertans working in some of our hardest-hit industries, while also improving the environment.

Additional support for midcap companies announced today is essential. However, considerable support is still needed, specifically liquidity, for some of Canada’s most significant energy companies and airlines. The scope of this total need is an order of magnitude bigger, $15-30Billion, to protect critical components of essential services and some of the largest subsectors of Canada’s national economy.

The innovation sector has until now fallen through gaps in many federal programs. Today’s announcement of $250M in support for this sector is positive, in part because of the critical role of innovation in reenergizing the economy and enabling other industries.

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About the Business Council of Alberta. The Business Council of Alberta is a non-partisan, non-profit organization dedicated to building a better Alberta within a more dynamic Canada. Composed of the chief executives and leading entrepreneurs of the province’s largest enterprises, Council members are proud to represent the majority of Alberta’s private sector investment, job creation, exports and research and development.

For more information please contact Scott Crockatt, Vice President, Communications & External Relations at 403-681-5529 or scrockatt@businesscouncilab.com

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