The 2024 Alberta budget, titled “A Responsible Plan for Growing a Province,” outlines various existing and new grant programs aimed at fostering development and sustainability across the province. These programs span different sectors and address diverse needs, reflecting a cohesive approach to promoting growth and resilience.
Innovation, Sustainability, and Prosperity
The 2024 Alberta Budget unveils a range of strategic programs designed to propel the province forward and a commitment to fostering innovation, sustainability, and prosperity. The Alberta Carbon Capture Incentive Program (ACCIP) will provide grant funding to industries to help accelerate the development of carbon capture, utilization, and storage. This program will support a variety of sectors including oil sand, soil and gas production, petrochemicals, power generation, and more. Industry and carbon sequestration hub operators can apply now for pre-approval.
The Alberta Petrochemicals Incentive Program (APIP) continue to drive petrochemical production in the province, offering grants of 12% of eligible capital costs to Alberta-based projects. To date, the government has received applications under this program representing total potential investments of $39 billion. In 2023-24, three projects are expected to receive APIP grant payments totaling $116 million.
The 2024 Alberta Budget makes available a new program called Local Growth and Sustainability for municipalities. The goal of this program will be to support local communities funding infrastructure that fosters economic development opportunities and addresses unique needs in their regions. This program will receive $60 million over three years to fund these projects.
Through programs like ACCIP and APIP, the province is incentivizing carbon capture and petrochemical production while also investing in local growth and sustainability initiatives. These efforts aim to drive economic prosperity while mitigating environmental impacts, laying the groundwork for a resilient and thriving future.
Community Development
Like several other provinces, Alberta has been impacted by the housing crisis. Another program to help combat this crisis is the Indigenous Housing Capital Program. The development of this program was directed by feedback collected from Indigenous and Indigenous-serving organizations during a 2017 province-wide engagement and the government announced $75 million for this program in the 2024 Alberta Budget. This program is targeting Indigenous governments and organizations, housing providers, municipalities, and non-profit organizations to build affordable off-reserve, off-settlement, and on-settlement housing units for Indigenous peoples. Applications for IHCP are accepted year-round.
The Affordable Housing Partnership Program has a mission to bring together partners from public, private, and non-profit organizations to provide more affordable housing where it is needed most in the province. The 2024 Alberta Budget announced a $405 million investment in this program. New construction projects, renovation, and development projects may be eligible for up to one-third of the total project. More details about this program and how to apply will be available in the spring of 2024.
To enhance public safety and prepare the province for natural disasters, the government will invest $55 million to upgrade facilities and equipment that support wildfire operations, $147 million for repairing and upgrading water infrastructure, and $75 million over three years for the Renewed Flood and Drought Mitigation program. These initiatives will ensure communities are safeguarded against severe weather events.
The 2024 Alberta Budget invests $30 million in a new Community Recreation Centre Infrastructure Program to help ensure growing communities have the facilities they need to stay healthy, and youth have opportunities to participate in sports activities.
In addressing housing challenges and enhancing community infrastructure, Alberta’s budget prioritizes the well-being of its residents. Programs like IHCP and the Affordable Housing Partnership Program target affordable housing construction, while investments in wildfire operations, water infrastructure, and recreation centers bolster community resilience and safety.
Healthcare and Education
The 2024 Alberta Budget prioritizes investment in education, locating $1.9 billion to build new schools and expand existing ones, and $103 million for the modular classroom program to increase classroom spaces quickly to address immediate needs. Operating expenses for K-12 are forecast at $9.3 billion in 2024-25, an increase of $393 million (4.4%) from the 2023-24 forecast. This increase will support students, teachers, administrators, and parents in addressing the emerging needs of the system, and in maintaining high-quality education services.
As part of the learning support funding, $26 million will be provided over the next three years to expand access to early learning interventions for children with severe developmental disabilities or delays through Program Unit Funding. Total funding for Program Unit Funding is $209 million in 2024-25.
In higher education, operating expenses are forecasted at $6.3 billion, reflecting a 3.1% increase over the previous year. Direct support to Alberta post-secondary institutions amounts to $2.5 billion.
The 2024 Alberta Budget allocates significant funds for healthcare infrastructure, including $654 million for the Continuing Care Capital Program, $328 million for recovery communities, children and youth mental health facilities, and $20 million for planning a standalone Stollery Children’s Hospital in Edmonton.
Alberta’s focus on education and healthcare underscores its commitment to investing in the future of its citizens. Additionally, investments in healthcare infrastructure ensure that Albertans have access to essential services, promoting health and well-being across the province.
By highlighting these initiatives, the 2024 Alberta Budget demonstrates a comprehensive strategy to promote sustainable growth, support communities, and invest in essential services for the well-being of Albertans. These strategic investments demonstrate a commitment to advancing Alberta’s economy, enhancing quality of life, and promoting long-term prosperity for generations to come.
