Last week, the federal government announced a 5-year $700 million investment in clean technology through the Business Development Bank of Canada (BDC). The BDC will make investments in clean tech producers showing strong potential.
Canadian clean technology companies produce innovative and competitive technologies that use less energy or reduce negative impacts on the environment. Through this 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.
Full BDC announcement