New $750-million investment in SDTC will help secure Canada's leadership position in the high-growth cleantech marketplace
OTTAWA, ON, Dec. 17, 2020 /CNW/ - The Government of Canada continues to protect Canadians and support them through this pandemic while also laying the foundation for a healthier, more resilient and more prosperous future. Clean technologies will play a more important role than ever as Canada builds back better and as more and more governments, companies and individual consumers seek environmentally friendly products and services. That is why the government has made clean technology a priority and remains committed to supporting the talented Canadian innovators who are carving out Canada's share of clean exports, growth and jobs.
Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Industry, highlighted the Government of Canada's investment of $750 million over five years to re-capitalize Sustainable Development Technology Canada (SDTC). The investment, part of the government's strengthened climate plan, A Healthy Environment and a Healthy Economy, announced by Prime Minister Trudeau on December 11, will enable SDTC to support even more companies as they develop and commercialize clean technologies and bring Canadian innovations to the world.
This is the single largest investment in SDTC ever made by the Government of Canada, and it will place a larger emphasis on attracting investment in—and increasing the number of—larger-scale projects that offer significant potential to decarbonize industrial sectors in Canada. These projects will offer new solutions for decarbonization, increasing Canada's industrial competitiveness and creating jobs in a low-carbon economy.
Canada is already a leader in several clean technology areas, and this investment will help the country outpace competitors, attract more investment and ensure Canadians have good, well-paying jobs now and in the future.
Quotes
"Our government has a plan for a cleaner and stronger economy, and our support of Sustainable Development Technology Canada will help get us there. This investment helps further Canada's leadership in clean technologies so all Canadians can benefit from more economic opportunities and healthier communities. Canada's cleantech innovators will help drive the transition to a low-carbon economy while maintaining and creating good, well-paying jobs for Canadians across the country."
– The Honourable Navdeep Bains, Minister of Innovation, Science and Industry
"This investment is about the entrepreneurs who will lead the transition to a zero-carbon, zero-waste economy. Canadian cleantech companies are doing extraordinary things, and we're proud to increase our support for them as they create economic and environmental prosperity for Canadians."
– 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.
- 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
- 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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