Canada’s Atlantic provinces are at the center of the green revolution.
Newfoundland and Labrador, as well as Nova Scotia, are at the forefront of this multi-trillion-dollar trend.
Our readers have been among the first ones to benefit from this knowledge.
Here at the Financial Star, we have covered the hydrogen market quite a lot. It is shaping up to be one of the most promising sources of clean energy.
And this week, the Newfoundland government has announced massive news…
A “Green Transition Fund” Is Officially Launched in Newfoundland
Oil companies operating in Newfoundland have agreed to put together a multi-million-dollar fund. The money will go towards helping the province reach its goal of net zero emissions by 2050.
The fund will support businesses, organizations, educational institutions, and industry associations.
In other words, Newfoundland has just opened a “venture” fund that will invest offshore oil money into green transition projects and initiatives.
In the coming days, companies will be able to start submitting their applications for funding.
In our view, this could provide a massive boost to the businesses working in the green hydrogen space in Atlantic Canada.
Why is green hydrogen so important?
Because it remains one of the most feasible sources of clean energy.
It doesn’t generate any emissions. When it produces energy, it only generates water.
It is storable. Green hydrogen can be compressed, stored, and transported efficiently.
Green hydrogen could be used in heavy industry to produce “green steel,” for example. And it can power long-haul trucks, as well as ships and airplanes.
In other words, it is one of the most versatile sources of clean energy.
And now, the green hydrogen industry has support from Atlantic Canada with hundreds of millions of dollars in future investment.
By March of this year, Newfoundland had already received 19 bids for wind-hydrogen development.
This number is poised to grow as the green hydrogen revolution continues.
Nova Scotia Approves the Second Green Hydrogen Plant
Nova Scotia is another Atlantic province of Canada that is laser-focused on green hydrogen.
The province plans to start shipping green hydrogen to Germany in 2025…
Back in February, Nova Scotia approved a proposal to create a green hydrogen and ammonia production facility.
In April, the province approved a plan to build a hydrogen production, storage, and loading facility.
So far, a two-gigawatt facility has got the permissions.
When it’s fully operational, the facility could potentially produce 350,000 tonnes of hydrogen.
With two facilities approved within just a few months, Nova Scotia is racing to grow its green hydrogen industry.
And in addition to the provincial programs that we discussed, Canada’s federal government is stepping in.
It has announced massive tax credits for hydrogen projects. In other words, the Canadian government is moving fast on green hydrogen.
CTV News reported that even experts such as the energy coordinator at the Ecology Action Centre are surprised by the speed of their approvals.
What’s Next?
Atlantic Canada is moving fast toward becoming a green hydrogen exporter.
Newfoundland and Labrador, as well as Nova Scotia, are seeing the biggest and fastest changes.
We will not be surprised to see the announced government incentives and tax breaks turn Atlantic Canada into a “hydrogen hotspot.”
Investors should follow these policies and do their due diligence to understand what opportunities they present.
Thank you for your loyal readership,
The Financial Star team
