Infrastructure Bank providing funds to support construction of $1.2-billion joint venture to convert more than 200,000 tonnes of waste annually into biofuels
, Proman Canada Inc. and the Quebec and federal governments. It is the first funding arrangement under a recently expanded mandate for CIB to include in its financing green technologies such as low-carbon fuels; carbon capture, utilization and storage; and hydrogen production.
The biofinery will have a capacity of up to 130 million litres a year when it starts up in 2025, and the developers say it is expected to cut more than 170,000 tonnes of greenhouse gas emissions a year, which is 4.25 million tonnes over the project’s 25-year lifespan. It has been criticized in the years since its inception. In May, the House of Commons transport committee issued a report thatover concern among non-Liberal members related to its efficiency. It noted several witnesses expressed concern during committee hearings about CIB that projects were not flowing as quickly as expected.
In the past year, it has invested in a host of projects, including $970-million for the country’s first small nuclear reactor in Ontario; $500-million to triple the number of electric-vehicle charging stations in Canada; and $800-million for a First Nations-owned hydro project in Yukon.
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