Growing Canada’s economy through clean technology
Opportunity for more private investment in high-growth market where Canada has a global advantage
April 5, 2017 – Toronto, Ontario – Innovation, Science and Economic Development Canada
Canada’s leadership in the development of renewable energy and of technologies that emit lower carbon emissions provides an opportunity for more private investors to capture the proceeds of a high-growth market.
That was the message delivered by the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, at a conference sponsored by GLOBE Capital, a convenor of conferences on sustainable business.
Minister Bains described the Government of Canada’s clean technology strategy, outlined in Budget 2017. The strategy includes:
- $1.4 billion in new financing available to clean-tech producers, which will help start-up companies grow beyond our borders, support firms throughout their growth path and create well-paying jobs for Canadians.
- $400 million over five years for the Sustainable Development Technology Fund, which supports early-stage clean-tech companies.
- $15 million over four years to establish an international business development strategy for clean tech, which will support entrepreneurs who sell their products and services abroad as the future of clean tech relies on the ability of producers to access new export markets globally.
All these elements will require the full participation of the private sector, which has a significant opportunity to invest in the scale-up of Canadian clean-tech companies and capture the proceeds of their growth.
Creating new opportunities for Canadians to do business more easily and accelerating the growth of their companies are priorities in the Government’s Innovation and Skills Plan. The plan will ensure that Canadians develop the skills and seize new opportunities to succeed in a growing economy.
“Canada’s globally recognized expertise in clean technology is a promising area for growth and investment. It’s also an area of the economy that cushions us against the intensifying effects of climate change. Clean technology points to a clear and strategic direction for economic development through innovation. Clean tech shows that conservation and innovation can be competitive advantages. Now is the time for Canada to reinforce its globally competitive advantage in clean tech. Our country can serve as a model to all nations seeking a responsible, sustainable way of life. The time to invest in Canada is now.”
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
In December 2016, Canada’s First Ministers adopted the Pan-Canadian Framework on Clean Growth and Climate Change. It outlines federal-provincial-territorial commitments on zero-emission vehicle technologies. These technologies include plug-in hybrids, electric vehicles and hydrogen fuel-cell vehicles. The Pan-Canadian framework also identifies opportunities to produce renewable fuels and fuel created from biowaste.
Follow Minister Bains on Twitter: @MinisterISED
Karl W. Sasseville
Office of the Minister of Innovation, Science and Economic Development
Innovation, Science and Economic Development Canada
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