Government of Canada announces commitment to build Canada's clean industrial advantage

The government invests to decarbonize industry

OTTAWA, ON, Dec. 17, 2020 /CNW/ - As the Government of Canada continues to protect and support Canadians during this pandemic, it is committed to laying the foundation for a better-prepared, healthier and more prosperous future. Canadians and consumers around the world continue to seek more environmentally friendly products, and businesses are prepared to make the investments to shift their production accordingly.

The Government of Canada is making significant investments to support decarbonization and drive the immediate creation of good-paying, resilient jobs. That's why the Right Honourable Justin Trudeau, Prime Minister of Canada, 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 means more competitive and more innovative Canadian industries that provide Canadians with job opportunities today and well into the years to come.

This plan will 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.

The Government of Canada invites companies to apply for funding for the new Strategic Innovation Fund ? Net Zero Accelerator. The initiative uses the same program parameters as the current Strategic Innovation Fund but will have an added emissions reduction and sustainability lens. The new Statement of Interest can be obtained by sending an email to [email protected].

Quotes

"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."

?The Honourable Navdeep Bains, Minister of Innovation, Science and Industry

Quick facts

• In the recent Fall Economic Statement, the Government of Canada proposed to support the economy's clean and competitive transition by providing grants to help Canadians make their homes greener and more energy efficient. It will provide additional funds for the installation of new charging and refueling stations for zero-emission vehicles and provide more support for large-scale clean power transmission projects.
• The Strategic Innovation Fund ? Net Zero Accelerator will drive essential, near-term greenhouse gas reductions to ensure Canada exceeds its 2030 target. It will create and maintain immediate, good-paying, middle class jobs to support Canada's economic recovery; bolster innovation and encourage disruptive technologies to ensure Canadian businesses stay competitive in a global economy that increasingly demands low-carbon products.
• The Strategic Innovation Fund ? Net Zero Accelerator will promote R&D, facilitate the scale-up of firms providing clean technology solutions, develop and retain intellectual property in Canada, attract major investment in strategic sectors, and foster collaboration along a resilient and sustainable supply chain.

Associated links

• Pan-Canadian Framework on Clean Growth and Climate Change
• Strategic Innovation Fund - Net Zero Accelerator
• Supporting Canadians and Fighting COVID-19: Fall Economic Statement 2020

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SOURCE Innovation, Science and Economic Development Canada