The province of Ontario is starting to take a strategic leap by promotingenvironmentally friendly technologies in order to tackle global warming and secure a more effective and efficient economy. Theprovince has introduced The Green Investment Fund, which is anot-for-profit provincial agency that was created in order to help reduceenergy costs in homes and businesses.
(Ontario,2016) Ontario is investing $325 million into this fund that will prove whygreen technology has saved Ontario’s economy and has helped homeowners toreduce their carbon footprint as well as save money, allow businesses to reduceemissions, and fund local environmentalorganizations. Greentechnology is best understood as a way make to it easier for the province of Ontarioto fight climate change, boost and strengthen the economy as well as createmany jobs. All for a healthier, cleaner and low-carbon future (Ontario, 2016) GreenTechnology will allow homeowners to save money. This will happen because the existinghome energy audits and retrofit programs offered by Enbridge Gas Distributionand Union Gas will be increasingly enhanced by the investment, allowing greenhousegas emissions to be cut, and about 37,000 homeowners across the province toexperience reduced energy bills. (Ontario, 2016) For example, homeowners canstart by replacing furnaces, water heaters, or even upgrading insulation. Homeenergy efficiency retrofits save consumers alot more money on their energy bills and has been noted that.
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“Home renovations to increase energyefficiency have been shown to save natural gas consumers $1.50 to $4 for everydollar invested.” (News.Ontario.ca, 2016) Also, investing in aresidential solar energy system will benefit homeowners greatly. Using Solarenergy is considered Green technology because of its ability to generate powerwithout using any emissions. This mean that for every kilowatt installed, a home’scarbon footprints are lowered by over 3,000 pounds annually and is reduced bymore than 15,000 pounds of CO2 every year.
(ARE Solar, 2016) Green Technology will allowmany businesses to reduce emissions, making a great impact on the economy. Thegovernment is investing two things, one being $74 million in a cleantechinnovation which will help to reduce greenhouse gas pollution by allowing largeindustrial plants to utilize leading-edge technologies, and by partnering with Ontario Centers ofExcellence. (Ontario, 2016) The government is also investing $25 million in SMART Greenenergy efficiency program. This program will help in reducing emissions andbecoming more energy efficient. It does this by selecting qualified small and medium sized businesses and granting them up to $200,000to cover up to 50 per cent of eligible project costs in order to help the businesses invest in equipment and process upgrades. Theseinvestments will increase Ontario’s economy and its development by helpingbring new jobs into existence, products, services, as well as much more technologiesand businesses. (Ontario,2016) Green Technology has helped fundlocal environmental organizations.
Forexample, Ontario is investing $1 million from the Green Investment Fund into theSustainability CoLab Network, located in Kitchener. The organization helpsbusinesses- small and medium, reduce their impact environmentally along withextending their competitive advantage and supporting for a more low-carboneconomy. (Ontario, 2016) It has been recorded that the CoLab Network programmembers have collectively reduced 29,000 tones of greenhouse gases, which accordingto the government that is, “…
Equivalent of taking 6,100 cars off the road.”(Ontario, 2016) This investment has allowed CoLab to get involved and fund otherlocal environmental organizations in order to help encourage other businessesto introduce more energy-efficiency measures in their practices to create forgreen technology to keep expanding in the economy.