NEW – BC: InBC Investment Corp. brings potential opportunities for renewable propane
The British Columbia government has created the InBC Investment Corp., a new $500-million strategic investment fund. InBC will focus on driving innovation, sustainability, attracting investment, and diversifying B.C.’s economy. This new entity and funding bring the potential to develop renewable propane in the province.
The government says the $500 million will be used to invest in high-growth potential businesses in B.C. and leverage investments from the private and public sectors to help businesses grow. It also says InBC will have a “triple bottom line” investment mandate, aiming to:
- establish B.C. as a globally competitive low-carbon jurisdiction;
- promote values that make life better for people in B.C., including job creation, advancing reconciliation with Indigenous peoples, promoting diversity and inclusion; and
- achieve a financial return on investment.
The establishment of InBC provides propane producers with potential funding support for the development of renewable propane in BC.
Renewable propane is growing in popularity in Europe and the United States. There is increasing interest in renewable propane due to its near-zero emission levels, reduced greenhouse gases and ability to meet the demand for cleaner products. It leaves a very small carbon footprint when compared with electricity.
Renewable propane is a by-product of the renewable diesel process. Developers of renewable propane in both the United States and Europe have been perfecting methods of producing propane from renewable sources such as biomass, animal oils, vegetable oils and other triglycerides.
The propane produced through this process can be used as a “drop-in” replacement fuel because it is chemically nearly identical to traditional propane. So as renewable propane becomes accessible, B.C. homes and businesses will easily be able to use it, helping the province meet its CleanBC emission targets.
InBC will operate independently from government, with investment decisions made by a chief investment officer and a team of investment professionals. The chief investment officer will be held accountable by a nine-member board of directors, the majority of whom will be from the private sector. The full board is expected to be in place in May 2021. The chief investment officer is expected to be in place by fall 2021.
Visit the InBC website for more information.