VANCOUVER — British Columbia’s cleantech sector, Canada’s largest, has grown in the last three years, according to a new report on the sector from KPMG in Canada.
The BC Cleantech 2019 Status Report found revenue in the sector jumped to $2.4 billion in 2019, up from $1.8 billion in 2016. Overall employment in the sector climbed to 16,300, with over 9,600 based in the province and the number of companies grew to 293 from 273.
The report finds the B.C. sector is increasingly export-oriented, with 87% of revenues forecast to be generated outside of the province in the next three to five years. The sector is also diversified across a wide range of markets, including power generation, transportation, oil and gas, mining, chemicals, pharmaceuticals and agriculture.
“This diversity not only reflects the breadth and depth of the sector but also the scale of the global market for cleantech, which is now estimated at more than $3 trillion,” said George D. Kondopulos, partner and industry leader for Technology, Media & Telecommunications, KPMG in Canada. “As our findings show, the amount of equity capital being invested into companies in the province continues to accelerate and the amount of government funding, through a variety of programs, also continues to support this important and thriving sector.”
The report found that companies in B.C. have raised over $7 billion in investment since the report’s inception, an increase of nearly $3 billion from the 2016 Status Report.