More than $55 million to support R&D on clean solutions in the energy, agricultural and resources sectors
OTTAWA, ON, Feb. 11, 2021 /CNW/ - The Government of Canada is making investments that will lay the groundwork for a stronger, greener and more resilient economy, which will create opportunities for all Canadians. A strong economic recovery will be built on Canada's leadership in growing markets in the low-carbon economy. That is why the government is supporting Canadian innovators in clean technology, as the solutions they create will support well-paying jobs for Canadians and help contribute to the global fight against climate change.
Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, announced investments of $55.1 million in 20 clean technology companies across Canada through Sustainable Development Technology Canada (SDTC). This funding will support small and medium-sized companies that are developing innovative solutions to help reduce greenhouse gas emissions, lessen the environmental impacts of conventional mining methods and support more sustainable agricultural practices.
Today's support also builds on the government's strengthened climate plan, A Healthy Environment and a Healthy Economy, announced by Prime Minister Trudeau on December 11, which included an investment of $750 million over five years to re-capitalize SDTC. This investment—the single largest investment in SDTC ever made by the Government of Canada—will enable SDTC to support even more Canadian entrepreneurs as they develop and commercialize clean technologies and bring Canadian innovations to the world.
The world is recognizing Canada's leadership in the clean technology space. Eleven Canadian companies—nine of which were funded by SDTC—were recently placed on the 2021 Global Cleantech 100 list.
Quotes
"As Canada continues to navigate the uncharted waters of the global pandemic, our government is making the investments now that will allow us to come together for change to build a stronger, greener and more resilient economy. With today's support, we are securing Canada's leadership in the large and growing global clean technology market and ensuring a more sustainable future for all Canadians."
– The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry
"Canada is home to a vibrant cleantech sector that punches above its weight, and our government is committed to supporting their important work. Canada's cleantech companies like those funded today are a critical part of our plan to reduce emissions and create economic opportunities across the country."
– The Honourable Jonathan Wilkinson, Minister of Environment and Climate Change
"Today's investment will enable cleantech companies in Canada to grow and scale to meet domestic and global demand for solutions in the net-zero era. From reducing energy consumption, to building the agricultural circular economy, Canadians are leading the world's transition to a green economy – and we are here to help along the way."
– Leah Lawrence, President and CEO, Sustainable Development Technology Canada
Quick facts
- The global clean technology market is set to exceed $2.5 trillion by 2022.
- Clean technology companies currently employ more than 195,000 Canadians in good, well-paying jobs, while helping reduce environmental impacts and meet climate change goals.
- SDTC is an independent federal foundation that funds companies with the potential to become world leaders in new environmental technologies and transform the environmental and economic prosperity of Canada.
- As of March 2020, SDTC-supported companies have generated $2.7 billion in annual revenues, created over 14,600 jobs and brought 126 new technologies to market.
- SDTC-funded technologies are reducing greenhouse gas emissions by 19.3 megatonnes of CO2 annually.
- SDTC has worked closely with the Business Development Bank of Canada and Export Development Canada, providing referrals and sharing due diligence for SDTC-supported cleantech companies, resulting in $535 million in follow-on financing since 2018.
Associated links
- List of today's SDTC-funded projects
- Prime Minister announces Canada's strengthened climate plan to protect the environment, create jobs and support communities
- Backgrounder: A Healthy Environment and a Healthy Economy
- Strengthened Climate Plan: A Healthy Environment and a Healthy Economy
Stay connected
Follow Innovation, Science and Economic Development Canada on Twitter: @ISED_CA
Follow Sustainable Development Technology Canada on Twitter: @SDTC_TDDC
SOURCE Innovation, Science and Economic Development Canada
John Power, Press Secretary, Office of the Minister of Innovation, Science and Industry, [email protected]; Media Relations, Innovation, Science and Economic Development Canada, [email protected]; Media Relations, Sustainable Development Technology Canada, 343-803-0672, [email protected]
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