Canadian government announces $3B investment in clean industrial energy
The government invests to decarbonize industry
OTTAWA — The Canadian government recently announced an investment of $3 billion over five years for the new Strategic Innovation Fund – Net Zero Accelerator. This initiative will be delivered via the Strategic Innovation Fund to rapidly expedite decarbonization projects with large emitters, scale up clean technology and accelerate Canada’s industrial transformation across all sectors.
This plan is expected to drive investment into large emissions-reducing and job-creating projects across every region of Canada.
The Strategic Innovation Fund – Net Zero Accelerator will have three focus areas:
- support for the development and adoption of clean technology solutions in all industrial sectors;
- support for clean technology development in Canada’s aerospace and automobile manufacturing sectors; and
- support for the development of a Canadian battery innovation and industrial ecosystem, which will build on Canada’s natural resources and leading expertise to develop an end-to-end battery ecosystem in Canada.
“Our government’s plan to build a better future will protect our communities and grow the economy. This investment for the Strategic Innovation Fund – Net Zero Accelerator means companies in Canada will decarbonize faster and our clean-tech sector will scale up faster and, in turn, they will offer the world more of the low-carbon products that consumers and investors increasingly demand. Our government is committed to ensuring that Canadian businesses have the tools, support and conditions to become world leaders so that people everywhere equate ‘made in Canada’ with the most innovative and sought-after products.” said the Honourable Navdeep Bains, Minister of Innovation, Science and Industry.