The New Brunswick Innovation Foundation and economic development agency Opportunities New Brunswick will create a new Climate Change Mitigation Fund backed by $2 million.

The money will build on $1.5 million of grants handed out by a similar Climate Impact Fund that NBIF administered over the last two years as part of its applied research funding activities. 

NBIF said in a statement the goal of the fund is to accelerate the development and implementation of technology for climate change mitigation and adaptation.

“The shift to a low carbon economy is an incredible opportunity for our generation,” said NBIF Chief Executive Jeff White in a statement. “This fund allows us to actively participate in climate mitigation, reducing greenhouse gases locally and exporting innovative technology globally.

“We are pleased to partner with ONB and have full confidence that this fund will empower our innovation community to drive impactful change towards a greener, more sustainable future.” 

The climate fund will complement NBIF’s two other domain-specific research funds, one of which backs artificial intelligence projects, while the other supports work related to adult literacy.

Examples of grants made by the prior Climate Impact Fund include $90,000 for University of New Brunswick engineering professor Andrew Gerber to study low-emission propulsion systems for the maritime industry and $60,000 for Saint John-based Victory Advanced Technologies to test its design for an electric motor that requires fewer precious metals to manufacture.