For Immediate Release
July 10, 2024

econext is pleased with the provincial government in its decision to acquire a better understanding of carbon offsets opportunities within the province.

“In the work that we have done, barring the invention of a variety of new technologies, we know that Newfoundland and Labrador cannot reduce its greenhouse gas emissions to absolute zero,” said Kieran Hanley, econext‘s CEO. “If we are to achieve net zero by the year 2050, finding negative emissions opportunities is necessary.”

Hanley said that ideally negative emissions initiatives would be homegrown within the province, which is why the study being undertaken by the Department of Environment and Climate change is so important. On Tuesday, the provincial government issued a request for proposals for a “Potential Carbon Offset Study and Projects Study“.

Negative emissions projects can range from nature-based solutions such as improved forest management processes to highly technological solutions like the direct air capture of GHGs using a combination of clean energy, suction, and carbon storage innovations.

Hanley said that econext believes if GHGs are created in NL that they should be offset here as well. “We want to make sure that the economic benefits from negative emissions projects – from the jobs associated with their development to the revenues from their operations – are accrued within our province.” Carbon offset projects present economic opportunities, but Hanley cautions that it is wise for innovators to get a more clear picture of what policies will look like before advancing their ideas too far.

“Carbon offsets programs are highly complex with rigorous requirements,” said Hanley, “as they should be, because we must have great confidence in the way in which GHGs are being managed.” Hanley noted that uncertainty remains in how offset programs nationally and/or provincially will work, “but in our work we saw that a clear first step is to understand what types of negative emissions projects in NL have the most potential in terms of both scale and economics.”

“The research being pursued by our provincial government will provide invaluable insight as to what the best opportunities are and where we should focus our future efforts from the perspectives of public policy, research and development, and investment.”

econext is a not-for-profit association with a mission to accelerate clean growth in NL. econext has been working for over 30 years on behalf of its members across many sectors to support environmentally sustainable economic development. econext is a driver for clean growth innovation in the province, a coordinator of green workforce development, and a catalyst for net zero by 2050 planning within NL’s communities and industries. More information can be found at https://econext.ca.

Media Contact
Kieran Hanley
kieran@econext.ca

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