Ontario, Canada is supporting the development of new, globally competitive low-carbon technologies that will reduce greenhouse gas pollution and fight climate change. This investment is part of Ontario’s Climate Change Action Plan and is funded by proceeds from the province’s cap on pollution and carbon market, said a statement.
The project which was launched by Reza Moridi, Minister of Research, Innovation and Science launched the new Cleantech Strategy will help cleantech companies launch products and services, find new customers, and scale up in a global market that is expected to be worth $2.5 trillion by 2022.
The strategy will help cleantech companies grow and meet global demand through: Venture and scale readiness support, such as improving access to global market intelligence; Access to capital, including providing guidance on available provincial and federal cleantech funding and simplifying access; Regulatory modernization, such as reducing barriers for cleantech market entr; Adoption and procurement, by increasing demonstration and pilot opportunities.
Ontario’s Cleantech Strategy includes initiatives funded by proceeds from the province’s carbon market that support cleantech companies and accelerators, helping them expand and develop new technologies. This includes the Global Market Acceleration Fund (GMAF) and Green Focus on Innovation and Technology (GreenFIT).
Ontario is North America’s seventh-largest economy and Canada’s largest centre for banking, insurance and capital markets. Ontario’s diverse and innovative economy, with its educated and talented workforce, low business costs and generous incentives for R&D make it one of the best places in the world to do business and invest.
“Creating the right environment for cleantech companies to flourish in Ontario is critical to our future sustainability. The Global Market Acceleration Fund, GreenFIT and renewed funding for cleantech accelerators will help our province’s cleantech companies expand production, create jobs and most significantly, provide technologies towards a safer and cleaner environment for future generations,”” said Moridi.
“Helping cleantech companies scale up is a great example of how our Climate Change Action Plan and carbon market work together to support climate change leaders and innovators in bringing the latest low-carbon technologies to market. The Ontario Cleantech Strategy will help continue this province’s leadership in expanding the clean technology sector and help move us towards a prosperous, fair and low-carbon economy,” said Chris Ballard, Minister of the Environment and Climate Change.
The Ontario Cleantech Strategy will initially focus on four cleantech sub-sectors where the province can leverage existing strengths to fight climate change: energy generation and storage, energy infrastructure, bio-products and bio-chemicals, and water and wastewater.
The Cleantech Strategy will help Ontario meet its greenhouse gas pollution reduction targets as part of the province’s Climate Change Action Plan and export globally. Ontario has the fastest growing cleantech sector in Canada, with $19.8 billion in revenue, 5,000 companies and 130,000 employees.
The Climate Change Action Plan and carbon market form the backbone of Ontario’s strategy to cut greenhouse gas pollution to 15 per cent below 1990 levels by 2020, 37 per cent by 2030 and 80 per cent by 2050. The government will report on the plan’s implementation annually and review the plan at least every five years.