Message From The Chair
We are helping to reduce emissions. The projects that we’ve announced to date are estimated to reduce greenhouse gas emissions by a total of approximately eight megatonnes over the next ten years and that does not include the potential leverage as these technologies are deployed into the marketplace.
We are helping to build a lower carbon economy. For those 27 projects, the CCEMC’s total planned investment of more than $126 million is supporting projects valued at more than $632 million. In other words, for every dollar the CCEMC invests in a clean tech project, about another four dollars are also invested.
We are building a balanced portfolio with strong projects at all stages of innovation. The portfolio reflects Alberta’s climate change strategy, which has three focus areas – conserving and using energy efficiently, implementing carbon capture and storage, and greening energy production. The CCEMC allocates 20 per cent of its funding to conservation and efficiency, 30 per cent to carbon capture and storage and 50 per cent to greening energy. A small proportion of funds are also set aside to support climate adaptation and knowledge.
We are supporting a broader dialogue on reducing GHG emissions. In May 2011, we hosted leading thinkers at the CCEMC GHG Reduction Summit. In addition to thought-provoking keynotes and panel discussions, everyone in attendance participated in breakout sessions. The Summit focused on three areas: the clean tech innovation system, finance and human capital and public policy. A report from the GHG Reduction Summit will soon be available, posted on our website at ccemc.ca, as a companion piece to this annual report.
I want to thank the Board and our management team for their constant engagement and passionate leadership. Our team has done good work to support efforts to reduce emissions in Alberta. We’re on the right track. We still have far to go.
Eric Newell
Chair, Climate Change and Emissions Management (CCEMC) Corporation
Board of Directors
Fairness
As an independent, not-for-profit corporation, the CCEMC is governed by a Board of Directors. The Board has the primary responsibility to provide effective leadership in establishing measurement and monitoring systems to evaluate the success of CCEMC’s strategies and projects in achieving its goals and objectives.
The Audit and Investment Committee is responsible for overseeing the annual audit, financial controls and for optimizing the return on CCEMC investments within the limitations imposed through the grant agreement with the province. The Governance and Accountability Committee is responsible for monitoring corporate governance developments and the effectiveness of the CCEMC’s governance practices.
The CCEMC contracts a group of independent service providers to conduct the operational activities of the corporation.
Projects submitted to CCEMC are subjected to a rigorous two-staged review process. Process guidelines and decision criteria are made available to all applicants in advance. Third parties contracted to CCEMC are responsible for the project adjudication process. Adjudicators are required to have the requisite technical skills necessary for project evaluation. Other independent third parties are required to validate greenhouse gas reduction assertions. In addition, a Fairness Monitor is contracted to ensure that all proponents are treated equally and objectively during project reviews. The Fairness Monitor reports directly to the Board.