Canadian government to invest $700mn into clean technology

The Minister of Inovation, Science and Economic Development, Navdeep Bains, and the Minister of Environment and Climate Change, Catherine McKenna, today announced that the Canadian government will be investing $700mn into clean technology throughout the next five years.

In a new initiative through the Business Development Bank of Canada (BDC), the government has pledged to grow the country’s clean technology industry, whilst also protecting the environment, and creating new jobs.

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“Today’s announcement demonstrates our government’s commitment to create well-paying middle-class jobs while growing the economy and protecting the environment,” said Bains. “The $700 million is part of our government’s unprecedented $2.3-billion investment in clean technologies.”

This will specifically look to support companies and projects that are geared towards innovation within the market, marking the largest ever public investment into the industry within Canada.

“Clean technology crosses all sectors of the economy, creating jobs while reducing our impact on the environment,” McKenna said. “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 investments are part of the Government’s Innovation and Skills Plan – a long term economic strategy that will combat climate change.