$700-million investment will grow the Canadian clean tech industry, protect the environment and create jobs
MONTRÉAL, Jan. 18, 2018 /CNW/ - Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, joined by the Honourable Catherine McKenna, Minister of Environment and Climate Change, announced that the Government of Canada will invest $700 million through the Business Development Bank of Canada (BDC) over the next five years to grow Canada's clean technology industry, protect the environment and create jobs.
Canadian clean technology companies produce innovative and competitive technologies that use less energy or reduce negative impacts on the environment. Through today's investment, BDC will take on more risk to help high-potential clean tech firms expand by providing them with the capital they need to hire new staff, develop products, support sales, and scale up and compete globally.
Minister Bains, along with the Honourable Jim Carr, Minister of Natural Resources, also announced the launch of the Clean Growth Hub, the government's focal point for clean technology. The Hub will focus on supporting companies and projects that produce clean technology, as well as coordinate existing programs and track results.
Budget 2017 took steps to boost the growth of Canada's clean technology producers. It set aside more than $2.3 billion for clean tech. That's the largest public investment ever committed to this field in Canada.
Investments in clean technology are part of the Government's Innovation and Skills Plan,a multi-year strategy to create well-paying jobs for the middle class and those working hard to join it. Investments in clean technology also support the Pan-Canadian Framework on Clean Growth and Climate Change.
Quotes
"Today's announcement demonstrates our government's commitment to create well-paying middle-class jobs while growing the economy and protecting the environment. The $700 million is part of our government's unprecedented $2.3-billion investment in clean technologies."
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
"Clean technology crosses all sectors of the economy, creating jobs while reducing our impact on the environment. Through the Clean Growth Hub, the federal government is helping companies and researchers that are pursuing clean tech projects to identify the right support for their business. We're putting Canada on the map as a global source of clean growth solutions."
– The Honourable Jim Carr, Minister of Natural Resources
"Canadian companies are on the cutting edge of developing clean solutions, and I'm proud our government is supporting this kind of problem-solving innovation. Demand for clean technology and expertise is growing around the world, and we want to help Canadian companies continue to succeed. Investing in clean growth and climate solutions here at home creates more jobs and makes our economy stronger—while also protecting our planet for our kids and grandkids."
– The Honourable Catherine McKenna, Minister of Environment and Climate Change
"The Government of Canada is committed to supporting a promising ecosystem that is vital for a sustainable, prosperous Canada. Canada's clean technology producers are world leaders and key to the government's goal of reaching targets set in the Paris Accord."
– The Honourable Bardish Chagger, Minister of Small Business and Tourism
"With this new capital, we are looking to back the best in Canadian clean tech, with the aim of helping our most promising companies overcome financing obstacles and scale into global clean technology champions. Our endgame is to build a commercially sustainable clean technology ecosystem that will, over time, be able to catalyze greater institutional investment into the sector."
– Michael Denham, President and CEO of BDC
Quick facts
- In support of clean growth in Canada, the BDC will make investments in clean technology producers showing strong potential. Specific selection factors include technology demonstrated commercially, growth potential, and an ambition to scale up.
- To help clean technology firms grow, the Innovation and Skills Plan includes investments of nearly $1.4 billion in new financing on a cash basis, starting in 2017–18. This new financing, through the Business Development Bank of Canada and Export Development Canada, is being allocated as follows: $950 million in growth capital to support clean technology producers and approximately $450 million in additional project finance for clean technology producers.
- Budget 2017 also made available $400 million to recapitalize Sustainable Development Technology Canada's SD Tech Fund, which supports the development and demonstration of early-stage clean technology projects.
Associated links
Follow Innovation, Science and Economic Development Canada on Twitter: @ISED_CA
SOURCE Innovation, Science and Economic Development Canada
Karl W. Sasseville, Press Secretary, Office of the Minister of Innovation, Science and Economic Development, 343-291-2500; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, [email protected]; BDC Media Relations, 1-844-625-8321, [email protected]
Share this article