With 82,000 employees and annual revenues of $17 billion, Canada’s promising cleantech the industry is primed for growth, but its long-term strength depends on export sales.
Ontario leads the way with over $5.7 Billion in exports, accounting for 49% of national ECT product export. StatsCan estimates environmental and clean technology (ECT) activities accounting for $66 billion, about 3.2% of GDP. With Ontario, Quebec, and British Columbia accounting for 78% of the total.
The report identifies six key areas of opportunity;
- Transportation modernization
- Heavy industry decarbonization
- Innovations in agriculture and food processing
- Smart buildings and construction
- Energy storage
With four challenges discussed, summarized below:
- Inability to scale up
- Lack of strategic expertise in core areas
- lack of carbon-pricing alignment between federal and provincial governments
- Hesitant equity and institutional investors until proof of success in international markets
To get a deeper picture Read EDC’s report on the opportunities and challenges for Canada and the top players globally and at home.