Last Thursday, Innovation, Science and Economic Development Canada announced they were providing the Clean Resource Innovation Network (CRIN) with $100M to develop clean-energy technology. Half of this money will go to small and medium sized businesses. This represents another important step in growing Canada’s cleantech sector.
In a 2019 report by EDC, titled ‘Shining a light on Canada’s cleantech future,’ EDC identifies Canada’s potential in developing its clean tech exports. In the report, the World Bank estimates that the size of the market could be worth $2.3trillion by 2030. With our current footprint representing $17 billion in revenues, we have room to expand and our export sales will be critical for this growth to happen.
The government has made this a strategic imperative and continues to provide financial support. But Canada is not the only one doing this and so our ability to move quickly and scale globally in a competitive marketplace will require additional support and guidance. Both EDC and Elevate have been focusing more on this sector and providing much needed support, both financial and advice.
Elevate commends CRIN for its support of a collective that represents 1700 individual groups. It uses its collective connections and partnerships to generate ‘ideas and expertise, creating unexpected solutions for global challenges.’ Their focus on developing Canada’s sustainable energy sources is in alignment with a new wave of global support for tackling climate change.
The money provisioned by the government will be spent on research projects that will go to creating a low-carbon future.
The EDC report referenced in this article is available for download from the link below: