By / Adam MacInnis
The Nova Scotia government has launched a program it believes will help the forestry sector adopt new technology and approaches to become a more competitive and sustainable sector.
In a release issued Feb. 13, the province announced the Forestry Innovation Rebate Program for forestry companies that invest in their operations to grow, diversify and increase competitiveness in global markets.
“Forestry has been a cornerstone of our rural economy for generations and we want to see it continue in a strong and sustainable way,” said Premier Stephen McNeil. “That’s why we are working with industry to develop short-term supports to help through this transition period, and it’s why we are creating new options for businesses that have innovative projects ready to move forward.”
The program has been endorsed by the Forestry Transition Team and will be administered by Nova Scotia Business Inc. It will apply to eligible capital projects worth between $1 million and $15 million. Companies could be eligible for a rebate of 25 per cent up to a maximum rebate of $3.75 million.
The program is based on the established Innovation Rebate Program, also administered by NSBI.