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Province launches new efficiency fund to help aquaculture and fishing industries

By Evan Taylor Jun 11, 2024 | 12:03 PM

(Photo: TDCB)

Nova Scotia has launched a new $6.5 million fund aimed at helping fishermen and aquaculture operators adopt more green technology.

The Fisheries and Aquaculture Energy Efficiency Innovation Fund will support projects that reduce greenhouse gas emissions produced by boats, buildings and other commercial fisheries and aquaculture operations.

“Our industries are already leaders in fighting climate change through the investments they’re making to reduce energy use,” said Kent Smith, Minister of Fisheries and Aquaculture. “With this new funding, they’ll be able to do even more to build a sustainable future and grow while helping Nova Scotia get to net zero.”

Eligible  projects include:

  • adapting emerging electric and hybrid technology for fishing vessels and fleets
  • installing renewable energy systems
  •  reduce emissions through equipment upgrades and new technology
  •  conduct research to enable future emission-reduction projects

The $6.5 million invested in the fund by the province will be distributed to various operators over the next three years.

In recognition that some projects operators are looking to pursue may cost more than the fund allows, the province has also launched an associated loan program. If needed, funding recipients can apply for a loan with reduced interest rates to support approved projects, making the program more accessible.

The province says $10 million dollars is available through the loan program.

To launch the program, two demonstration studies on electric vessel conversion are being funded.

Glas Ocean Electric, Halifax, will receive $198,000 to work with industry in northern Nova Scotia and Cape Breton.

Ignite Atlantic, a Yarmouth-based rural innovation hub, will receive $150,000 to support the sector in Digby and Sheet Harbour.

More details on the newly launched fund, including details on how to apply can be found on the DNR website.