Clean Tech investment in Canada held back by a “fossil fuel comfort zone” and lack of financial disclosure

Canadian cleantech startups get ready for a breakout year”  appeared in the Globe and Mail on January 3, 2018 citing a 2017 report by Cleantech Group, which ranked Canada  “fourth in the world as a clean-technology innovator – and tops among Group of Twenty countries – up from seventh place in 2014.” Then on January 24, the San Francisco-based company Cleantech Group  released its ninth annual Global Cleantech 100 list for 2018 ; the List includes 13 Canadian companies, and the full Report is here (free; registration required).   Sure enough, Canada has improved its showing.  And on January 18, the Government of Canada announced that the federal government  will invest $700 million over the next five years  through the Business Development Bank of Canada (BDC) “ to grow Canada’s clean technology industry, protect the environment and create jobs “, as part of its larger Investment and Skills funding.  The same press release also announced the launch of the Clean Growth Hub, the government’s “focal point for clean technology”, which will focus on supporting companies and projects that produce clean technology, as well as coordinate existing programs and track results.

Yet in reaction to the government’s announcement,  the president of Analytica Advisors, which publishes an annual review of Canadian clean tech, had this to say in the National Post : “A $700-million investment to help clean technology firms expand and develop new products won’t turn Canada’s clean-tech industry into the “trillion dollar opportunity” the government keeps touting until we get out of our fossil-fuel comfort zone”.  She also co-authored an OpEd in the Globe and Mail, “Canada’s financial sector is missing in action on climate change” (Jan. 23)   where she berates the Canadian financial community for sitting on the sidelines amidst international initiatives for more climate-risk disclosure so that those risks can be priced into investment decisions.   For an update on the Canadian scene regarding this issue, see “Modernizing financial regulation to address climate-related risks” by Keith Stewart,  in Policy Options (Feb. 2).

 

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