In what ways do you envision technology serving as a catalyst for achieving Canada’s ESG goals, particularly in areas like renewable energy adoption, waste reduction, and sustainable resource management?
In 2022 alone, the cleantech sector employed more than 205,000 workers. Clean technology businesses contributed more than $37.2 billion to the Canadian economy and exported $9.8 billion in goods and services.
Canadian clean technology companies are turning ideas into solutions that the world needs as it races towards net-zero emissions. We are supporting the development and deployment of clean energy and clean technology with a plan that includes over $160 billion in investments. This includes major economic investment tax credits, targeted programming, strategic finance, pollution pricing, and an enhanced regulatory framework.
In addition, our recent budget includes resources to support the Clean Technology Data Strategy to better measure the economic, environmental, and social contributions of the cleantech sector in Canada. This information strengthens the evidence base for decisions, improves understanding of the emerging cleantech landscape, and ensures the development of policies and programs to support the production and adoption of clean technologies.
Given the global shift towards ESG investing, how is Canada positioning itself as a leader in leveraging technological advancements to attract sustainable investment and promote economic growth while prioritizing environmental and social responsibility?
By supporting clean technology companies to develop leading edge products and services that the world needs, we are transforming the green economic future of Canada. We continue to accelerate the transition to clean growth through new tax credits outlined in our recent budget. That includes measures such as the new Electric Vehicle Supply Chain investment tax credit, which will provide a 10 per cent tax credit for the cost of buildings used in the EV supply chain for businesses that invest in Canada across three key supply chain segments:
- EV assembly;
- EV battery production; and,
- cathode active material production.
Budget 2024 also renewed the Clean Growth Hub, an initiative co-led by Innovation, Science and Economic Development Canada and Natural Resources Canada. Together, they have partnered with 16 other departments and agencies to offer this one-stop shop to help businesses navigate the federal government’s numerous clean economy programs and incentives.
