The Alberta government has unveiled a seven year, $1.4 billion plan to help industry reduce carbon emissions. Environment Minister Shannon Phillips says the funds are meant to help businesses create jobs and stay competitive while investing in new technologies.

“By reinvesting revenue from the carbon levy, we’re helping business leapfrog to low-carbon, more efficient technologies so that Alberta remains an energy leader and provides Albertans with good jobs and opportunities.”

$440 million is going to the oilsands to help update and upgrade facilities so they can better meet new rules governing large emitters, which will be announced later this week. All industries can also apply for a piece of $225 million earmarked for research, development and investment in new carbon reduction technologies.

Energy Minister Margaret McCuaig-Boyd says Albertans have a “proud history” of energy innovation.

“These investments will ensure we continue to be the energy and innovation leader the world needs as it transitions to a low-carbon economy. When investors are looking for new and better ways to produce energy, we want them to look to Alberta.”

Another $240 million has been set aside for industrial energy-efficiency projects, $63 million in grants for bioenergy projects, and $400 million in loan guarantees for climate reduction programs.

The province says the funding is in response to recommendations from the Climate Technology Task Force and the Oil Sands Advisory Group. The bulk of the cash is coming from the carbon tax.