Almost 200 clean technology companies from across Canada have written to the federal government, asking for a dramatic increase in government support for the industry, far beyond what was included in last month’s budget.
The group, which includes members from clean-tech alliances in British Columbia, Alberta, Ontario and Quebec, sent a letter to Prime Minister Justin Trudeau on Thursday, recommending increased funding. The letter expresses support for the clean-tech spending sprinkled through the federal budget, but asks for specific and focused additions to help the sector compete globally.
The group wants Ottawa to make four specific investments: Set up a $1-billion loan guarantee program that would support early stage projects; create a $500-million venture capital program; invest $1.25-billion to expand and restructure the existing programs under Sustainable Development Technology Canada; and introduce the same kind of tax credits the mining and oil and gas industries now have.
The global market for clean technologies is worth more than $1-trillion, the letter notes, but it says Canada is losing ground despite significant growth here.
Nearly 200 clean-tech companies urge Ottawa to boost industry funding (The Globe and Mail)