Connect with us

Technology

Minister Vandal announces investments in clean energy projects to help reduce diesel use in Nunavut

Published

on

RANKIN INLET, NU, July 29, 2024 /CNW/ – Indigenous-led clean energy projects play an important role in reducing the use of costly and polluting diesel for electricity and heating in Northern and Arctic communities and support local jobs and economic development.

Today, the Honourable Dan Vandal, Minister of Northern Affairs and David Kakuktinniq, President of Sakku Investments Corporation, announced over $19 million in federal funding for three clean energy projects that will increase renewable energy generation in Rankin Inlet, Baker Lake, and Naujaat, Nunavut.

Funding will support the construction of a 1.0 + megawatt solar and battery energy storage facility in Naujaat, which currently relies entirely on diesel to meet its electricity needs. This new facility will supply 30% of the community’s electricity demand with locally-produced renewable energy. The project name “Ikayuut” was chosen by the Hamlet Council of Naujaat. It comes from the Inuktitut word “Ikayuuti,” meaning “help, support, or resources,” and speaks to how the project will help support Naujaat’s power grid. Construction is set to start in the summer of 2024.

The federal government is also providing funding for early-stage work on three solar installations on buildings owned by Sakku Properties Ltd., a subsidiary of Sakku Investments Corporation, in Rankin Inlet. The systems will result in 300kW of installed generation capacity, which would reduce diesel and greenhouse gas emissions by more than 56,000 litres and 178,000 kilograms each year. The systems are expected to generate solar power for the community by 2025.

Funding is also being provided for the Baker Lake and Rankin Inlet Wind Energy Development Projects to undertake research and development of wind energy generation to reduce the communities’ reliance on diesel. They will incorporate traditional Inuit knowledge into community input-driven wildlife studies for wind development in northern Canada while supporting local labour, capacity building, training and economic development.

These Inuit-led clean energy initiatives are foundational to Nunavut’s energy transition. Canada is working directly with Indigenous communities to advance self-determination while building a low-emission energy future and creating economic prosperity, security and more resilient communities.

Quotes

“Sakku is pleased to partner with the Government of Canada to deliver renewable energy infrastructure projects for the Kivalliq region. Investing in a clean energy future for Nunavut is critical as our region grows and we shift away from burning fossil fuels, which is vital to protecting our lands, waters and communities for generations to come.” 

David Kakuktinniq
President and CEO of Sakku Investments Corporation

“As the Regional Inuit Association promoting the interests and rights of the Inuit of the Kivalliq, we are pleased to support Sakku Investments in advancing these important energy projects. It is critical that we fight climate change, build infrastructure that supports economic growth, and change the legacy of diesel fuel that is shipped through sensitive Arctic waters. I’d like to thank the Government of Canada for partnering with us to ensure energy infrastructure in Nunavut is a priority. Let’s continue to build a stronger, greener future.” 

Kono Tattuinee
President of the Kivalliq Inuit Association

“It is great to be back in the Kivalliq Region to announce support for new community-led clean energy initiatives. They are crucial to tackling climate change and growing a clean energy economy in the North. These Inuit-led and delivered initiatives will reduce pollution, save money, and create good jobs in Nunavut.”

The Honourable Dan Vandal, P.C., M.P.
Minister of Northern Affairs and Minister responsible for CanNor

“In Nunavut and across the country, clean energy presents an enormous economic opportunity that will also help people save money on their energy bills and keep the air clean. Supplying people in Rankin Inlet, Baker Lake, and Naujaat with clean energy will make a real difference in their lives and help fight climate change.”

The Honourable Jonathan Wilkinson
Minister of Energy and Natural Resources

“Helping advance Indigenous-led climate action projects, such as the Ikayuut Solar and Energy Storage Project, is critical to building a low-carbon economy and will help reduce the use of diesel in Canada’s Northern and Arctic regions. This project will be a shining example to other communities seeking to implement solar energy technologies and other renewable energy projects in the North and beyond.”

– The Honourable Steven Guilbeault, Minister of Environment and Climate Change

Quick facts

The federal government is investing $18.45 million toward a solar and energy storage facility in Naujaat, including:$6.5 million through the Clean Energy for Rural and Remote Communities Program;$5.9 million through Environment and Climate Change Canada’s Low Carbon Economy Fund;$1,050,000 under Natural Resources Canada’s (NRCan’s) Indigenous Off-Diesel Initiative; and$5 million through the Indigenous Community Infrastructure Fund, delivered by Crown-Indigenous Relations and Northern Affairs Canada (CIRNAC) and administered by Nunavut Tunngavik Incorporated.Through CIRNAC’s Northern REACHE Program, the Government of Canada is investing $220,000 in the early project development work for solar photovoltaic installations on three Sakku Properties Ltd buildings, a subsidiary of Sakku Investments Corporation, in Rankin Inlet.The Northern REACHE program supports Indigenous and northern communities’ transition away from diesel fuel for electricity and heating by promoting and funding renewable energy technologies such as solar, wind, hydroelectricity, and biomass heating. To date, Northern REACHE has supported a total of 222 clean energy projects in the North with an investment of over $102 million, including 47 projects in Nunavut.NRCan is providing 1,313,282$ in funding for the Baker Lake and Rankin Inlet Wind Energy Development Projects under the Clean Energy for Rural and Remote Communities Program (CERRC).The CERRC program provides funding for renewable energy and capacity-building projects to reduce the reliance on fossil fuels for heating and electricity in Indigenous, rural and remote communities across Canada. Supporting Indigenous leadership and collaborating on solutions to reduce reliance on fossil fuels in Northern communities for First Nations, Inuit and Métis is central to advancing the reconciliation journey and self-determination.Launched in 2019 and developed with Indigenous representatives and six territorial and provincial governments, Canada’s Arctic and Northern Policy Framework is a long-term vision for the Arctic and the North, reflecting the priorities and perspectives of the Arctic and northern people.

Associated links

Sakku Investments Corporation
Kivalliq Inuit Association
Low Carbon Economy Fund
Clean Energy for Rural and Remote Communities Program
Indigenous Off-Diesel Initiative

Stay connected

Join the conversation about the North:

X: GovCan_North
Facebook: GovCan – North

You can subscribe to receive our news releases and speeches via RSS feeds. For more information or to subscribe, visit www.cirnac.gc.ca/RSS.

SOURCE Indigenous Services Canada

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Plume Network Partners with Maseer to Tokenize $200M of Carbon Allowances

Published

on

By

NEW YORK, Dec. 26, 2024 /PRNewswire/ — Plume Network is proud to announce a strategic partnership with Maseer, an Abu Dhabi based tokenization platform, to bring $200M in Carbon Allowances exclusively on-chain to Plume. Built on Plume’s Real-World Asset Finance (RWAfi) ecosystem, Maseer will offer a tokenized solution to one of the fastest-growing alternative asset classes: compliance carbon.

Empowering Climate Action Through Compliance Carbon Tokenization

Compliance carbon has been one of the fastest growing alternative asset classes given increased regulatory and business scrutiny on emissions. The S&P Global Carbon Credit Index, which tracks the most liquid segment of the tradable carbon credit futures markets, has seen a 15.68% annualized return over the past five years. The value of these markets reached nearly one trillion USD in 2023.

The partnership with Plume Network allows Maseer to bring fully collateralized carbon products on-chain, where they will be fully compatible with Web3’s potent DeFi sector. DeFi integration vastly enhances compliance carbon markets with superior liquidity solutions and greater access to a global body of investors, broader market demand, and new yield sources.

“We are excited to partner with Plume to bring carbon allowances on chain. Plume is uniquely positioned to bring this vision to fruition because they are the only chain purpose built for RWAs. They’ve raised the bar with their tokenization engine, infrastructure tooling, and ecosystem network effects. We believe Plume is on the bleeding edge of on-chain adoption of RWAs,” said Bradley Allgood, CEO of Maseer.

“Energy transition is an asset category that we have been increasingly focused on at Plume because of growing demand for climate action, both from a government and corporate sustainability perspective. Volumes for the global carbon credit market are forecasted to grow at a 39% CAGR from 2024 to 2033,” said Teddy Pornprinya, Chief Business Officer and Co-Founder at Plume Network.

What are carbon allowances?

Compliance carbon allowances trade under cap-and-trade programs known as Emissions Trading Systems (ETS). These systems create transparent, liquid markets that are government-mandated and regulated. As of April 1, 2024, approximately 18 percent of global greenhouse gas emissions are covered by emissions trading systems (ETS). Carbon allowances are distinct from project-based carbon offsets and offer a market-based approach to regulating a region’s emissions, with mandatory participation for specified industries. Carbon allowance supply is managed by government agencies and adjusted primarily through an annually declining cap. 

About Plume
Plume is the first fully integrated L1 modular blockchain focused on RWAfi, offering a composable, EVM-compatible environment for onboarding and managing diverse real-world assets. With 180+ projects on its private devnet, Plume provides an end-to-end tokenization engine and a network of financial infrastructure partners, simplifying asset onboarding and enabling seamless DeFi integration for RWAs. Learn more at https://www.plumenetwork.xyz/ or contact press@plumenetwork.xyz

About Maseer
Maseer operates out of Abu Dhabi Global Market (ADGM), the world’s leading Special Economic Zone (SEZ) for digital asset innovation. Maseer is led by Tokenization and Free Zone Veteran Bradley Allgood and is focused on the design of bringing real world assets on chain to be fully interoperable with DeFi. Maseer has developed strategic relationships with Sovereign Nations and Large Enterprises to identify the highest quality real world assets around the world.

View original content to download multimedia:https://www.prnewswire.com/news-releases/plume-network-partners-with-maseer-to-tokenize-200m-of-carbon-allowances-302339461.html

SOURCE Plume Network

Continue Reading

Technology

LG Energy Solution Hosts ‘Battery Innovation Contest (BIC) 2025’ to Foster Breakthrough Battery Technologies

Published

on

By

The company opens international research contest to strengthen technology leadership; open for entries until January 31, 2025Selected researchers to receive annual research funding of up to USD 150,000 annuallyBIC program revamped to enhance two-way collaboration between industry and academia

SEOUL, South Korea, Dec. 26, 2024 /PRNewswire/ — LG Energy Solution (KRX: 373220) has announced its launch of the ‘Battery Innovation Contest (BIC) 2025’ to identify and support the next groundbreaking battery technologies.

Innovators from universities and research institutions worldwide are encouraged to submit proposals until January 31, 2025, at https://bridge.lgensol.com/.

Since its inaugural competition in 2017, BIC has been LG Energy Solution’s flagship research contest. This year’s edition has been revamped to foster greater collaboration between academia and industry.

Selected researchers will receive annual research funding of up to USD 150,000 annually. Additional funding may be granted to projects making significant achievements through extended contracts.

Maximizing Industry–Academia Benefits through Two-way Communication

Unlike previous iterations of the competition, ‘BIC 2025’ allows participants to submit proposals on specific topics pre-announced by LG Energy Solution.

“By presenting specific research optics, we aim to go beyond merely supporting academia and maximize the mutual benefits between the industry and academia,” said an LG Energy Solution spokesperson.

To facilitate active collaboration, LG Energy Solution has introduced the ‘BRIDGE‘ system, a platform designed to manage open innovation programs like BIC. The system facilitates seamless collaborations with features that help teams working on joint research projects track their objectives and deliverables.

LG Energy Solution has unveiled the preselected 18 research topics for collaborative projects on the ‘BRIDGE‘ platform, such Battery Safety diagnosis algorithm technology and New materials for LFP Batteries topic. At the same time, the contest retains its traditional format to ensure participants are free to propose completely original research ideas. All research proposals must be submitted through the ‘BRIDGE‘ system.

“Providing Differentiated Customer Value via Enhanced Technology Leadership”

To protect the original ideas of every participant, LG Energy Solution has split the application process into two stages: initial proposals that provide concise information, followed by detailed proposals from a shortlist of candidates. This change aims to safeguard the ideas of researchers not selected for funding.

“The BIC platform serves as a bridge of wisdom between members of academia and industry, driving technological innovation for the all-important battery sector,” said Je-Young Kim, CTO of LG Energy Solution. “Through this initiative, we aim to provide differentiated value to our customers by strengthening our technology leadership.”

As of today, LG Energy Solution has supported 26 battery research projects through the ‘BIC’ initiative, with some evolving into large-scale projects that have received additional funding and resources. Thanks to the success of this competition, the company continues to establish partnerships with world-leading universities and research institutions, reinforcing its commitment to preparing the battery field for the future.

About LG Energy Solution

LG Energy Solution (KRX: 373220), a split-off from LG Chem, is a leading global manufacturer of lithium-ion batteries for electric vehicles, mobility, IT, and energy storage systems. With 30 years of experience in revolutionary battery technology and extensive research and development (R&D), the company is the top battery-related patent holder in the world with over 58,000 patents. Its robust global network, which spans North America, Europe, and Asia, includes battery manufacturing facilities established through joint ventures with major automakers. Committed to building sustainable battery ecosystem, LG Energy Solution aims to achieve carbon neutrality across its value chain by 2050, while embodying the value of shared growth and promoting diverse and inclusive corporate culture. To learn more about LG Energy Solution’s ideas and innovations, visit https://news.lgensol.com.

 

View original content:https://www.prnewswire.com/news-releases/lg-energy-solution-hosts-battery-innovation-contest-bic-2025-to-foster-breakthrough-battery-technologies-302339134.html

SOURCE LG Energy Solution

Continue Reading

Technology

SM approaches 2025 with cautious optimism

Published

on

By

PASAY CITY, Philippines, Dec. 27, 2024 /PRNewswire/ — The SM Group is approaching the coming year with cautious optimism, encouraged by the continued growth of the Philippine economy.

SM Investments President and Chief Executive Officer Frederic C. DyBuncio said that despite ongoing challenges of peso volatility and higher inflation, the business sector has adapted well.

Consistent demand sustained household spending in the third quarter, with Household Final Consumption Expenditure posting a year-on-year growth of 5.1%, maintaining the same level in the same quarter last year, data from the Philippine Statistics Authority showed.

“Any moderation in inflation should trigger a strong confidence rebound. This could create opportunities in consumer-focused sectors in the country and we are poised to cater to these evolving demands,” Mr. DyBuncio said.

To cater to growing demand, SM continues to expand into more underserved areas, contributing to sustainable economic development and collaborating with government stakeholders to enhance access to modern retail, financial services, and integrated property developments.

“By investing and expanding to more areas nationwide, SM creates new markets and improves access to these essential sectors, serving more communities and helping stimulate sustained economic activities,” he said.

Mr. DyBuncio also said SM continues to invest in promising ventures such as renewable energy and logistics, that foster economic activity.

SM has invested in the clean energy industry through Philippine Geothermal Production Company (PGPC) which produces 300 Megawatts of geothermal steam supply. SM aims to continue to develop geothermal concessions through PGPC in support of the Department of Energy’s goal of reaching 50% renewable energy supply by 2040.

To encourage circularity towards green energy production, SM’s property arm, SM Prime Holdings partnered with GUUN Co. Ltd. (GUUN) to implement the Japanese technique of reducing landfill impact. The technology converts non-recyclable and hard-to-recycle packaging into alternative fuel.

SM’s banking arm, BDO Unibank is one of the largest funders of renewable energy projects. BDO has funded PHP898 billion in sustainable finance, including loans to 59 renewable energy projects as of December 2023. 

In logistics and tourism, the improvement of transport networks across the country’s archipelago connects tourist and industrial areas that will help create inclusive growth. SM though its subsidiary 2GO launched MV Masigla and MV Masikap in 2024 to help better connect goods to 19 ports across the country including Iloilo, Bacolod, Cagayan de Oro and Manila, further supporting the government’s push for medium term growth through an upgraded tourism infrastructure and ecosystem.

“Our focus for 2025 will be to drive purposeful growth, empowering communities and partners through our investments towards a sustainable future,” Mr. DyBuncio said.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/sm-approaches-2025-with-cautious-optimism-302339449.html

SOURCE SM Investments Corporation

Continue Reading

Trending