Viktor MusilThe Critical Minerals Infrastructure Fund ( CMIF ) Call for Proposals ( CFP ) has been launched, according to Jonathan Wilkinson, Canada’s Minister of Energy and Natural Resources.
Important infrastructure gaps will be filled by the fresh Critical Minerals Infrastructure Fund, which will also connect resources to markets and enable the production of sustainable critical minerals.
The fund will support clean energy and electrification initiatives as well as transportation and infrastructure projects that will enable the sustainable development of Canada’s essential minerals. It is available for up to$ 1.5 billion over the course of seven years.
Important minerals ‘ significance in the transition to clean energy
In order to achieve a net-zero emissions future and combat climate change, vital minerals are crucial enablers of clean technologies like batteries and clean energy sources like wind turbines and solar panels.
Canada is now a major supplier of minerals and materials from sustainable sources, and it is dedicated to making proper investments to strengthen its position and promote economic growth throughout the nation.
According to Jonathan Wilkinson,” Essential minerals are a millennial financial opportunity for Canada.”
As the world economy shifts toward low-carbon solutions, demand for essential minerals is expected to increase dramatically as key enablers of clear technologies and clean energy sources.
What is the process for the Vital Minerals Infrastructure Fund?
The CMIF, which is an essential element of the American Critical Minerals Strategy, will go hand in hand with other clean energy and transportation initiatives that are now helping the essential minerals industry.
With up to$ 300 million in contribution funding available under the Pre-Construction and Project Development Stream and the Infrastructure Deployment Channel, this CFP will be the first of several funded by the Critical Minerals Infrastructure Fund.
Through these channels, applicants can apply for access to projects worth up to$ 50 million for nongovernmental applicants and$ 100 million each for provincial and territorial governments making investments in public projects.
According to Canadian Minister of Housing, Infrastructure, and Communities Sean Fraser,” The Essential Minerals Infrastructure Fund will help unlock the essential minerals sector that is so crucial to developing clear technology.”
” The Canada Infrastructure Bank will play an important comparable role by supporting large-scale projects as we progress toward a net-zero future,” he continued. We are generating qualified jobs and assisting north communities for many years through these investments.
The claimant guide and information on funding options are now accessible online. By February 29, 2024, at 11:59 p.m. PST, applications for this second CFP must be submitted online.
