The global clean tech sector is booming, and the federal government hopes to provide resources to continue to keep Canada as an industry leader.
Speaking at GLOBE Capital in Toronto, federal Minister of Innovation, Science and Economic Development Navdeep Bains praised the growth of the clean tech sector, and its prevalence in every aspect of the Canadian economy.
But the industry faces major challenges, challenges the federal government hopes to work to alleviate. Bains referred to three specific challenges in particular during his remarks: long-term committed financing, access to markets, and getting innovations from lab to market more quickly.
As part of the 2017 federal budget, the government announced several initiatives to provide support for the clean tech sector:
- $12 million for the establishment of a Clean Growth Hub;
- $14.5 million to develop a Clean Technology Data Strategy;
- $380 million to support equity financing for clean tech firms seeking growth, administered through the Economic Development Corporation and the Business Development Bank;
- $400 million to support clean tech projects through the Sustainable Development Tech Fund; and
- $700 million in working capital to provide support for clean tech firms.
In addition to the support being provided for clean tech firms in Canada, Bains also suggested that work is being done to do a better job of efficiently bringing innovations from other markets to Canada.
“We recognize that we don’t have a monopoly on good ideas,” Bains said. “We want the most innovative and creative solutions to drive our economy and to create better outcomes for our citizens. That’s why we pursued a free trade agreement with the European Union. We believe that creates a level playing field and opportunities for Canadian companies to go in to the European market, which is substantial, but also allow European solutions to come to Canada as well.”
With robust funding support for clean tech growth, and stronger measures to bring global innovation here, Canada should continue its adoption of new technologies that will help drive the country toward a low-carbon economy.
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