Investing in clean and green tech is the smart thing to do, and the right thing to do for Canada’s economy. The global market for clean tech is expected to surpass $1 trillion per year. Making strong investments in clean tech companies in British Columbia and across Canada will bring Canada into the 21st century and will position our companies as global leaders.
Budget 2017 lays out a plan to invest $21.9 billion in green infrastructure over 11 years, which will include support for the implementation of the Pan-Canadian Framework on Clean Growth and Climate Change. Proposed green infrastructure investments in alternative fuelling networks, technology demonstration projects, energy efficiency standards, renewable energy demonstration projects, and smart grids will create jobs while reducing GHG emissions.
Investments over the next 11 years to support Canada’s transition to a clean economy will flow through three distinct streams:
- Bilateral agreements: $9.2 billion will be provided to provinces and territories to support priority projects, including those that reduce greenhouse gas emissions, deliver clean water, safely manage wastewater, help communities prepare for challenges that result from climate change, and help build cleaner, better-connected electricity systems.
- The Canada Infrastructure Bank: At least $5 billion will be available for green infrastructure projects, including those that reduce greenhouse gas emissions, deliver clean air and safe water systems, and promote renewable power.
- An additional $2.8 billion will be invested through a series of other national programs.
One example of the Government’s dedication to clean tech and green infrastructure is the renewed commitment to Sustainable Development Technology Canada (SDTC). Since its launch in 2001, SDTC has invested $928 million in 320 clean technology projects. More than 9,200 jobs have resulted from these investments and carbon dioxide emissions are estimated to have been reduced by 6.3 megatonnes per year.
Metro Vancouver is one of many areas that have benefitted from funding from SDTC. For example, Cooledge Lighting, headquartered in Richmond, is a company which provides its customers with lighting technologies that maximize energy efficiency through low power consumption and minimum heat generation. In 2011, Cooledge received $4.46 million in funding over five years from SDTC to develop its light sheet technology. As a result of this funding, the company demonstrated a three-fold environmental benefit over fluorescent, incandescent and LED light bulbs, including increasing energy efficiency, eliminating heat sink in fixture design and avoiding an end-of-life mercury disposal requirement.
Budget 2017 proposes to invest $400 million over five years, starting in 2017–18, to recapitalize the SD Tech Fund™ and support firms such as Cooledge Lighting to develop and demonstrate new clean technologies that promote a green economy.
Investments like these position Canada as a global leader in clean growth while creating good, well-paying jobs for the middle class in communities across Canada, illustrating to the world that a clean environment and a strong economy can go hand-in-hand.