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Government of Canada Announces $750 million Investment to Re-capitalize Sustainable Development Technology Canada (SDTC)
Tuesday, December 29, 2020
New $750-million investment in SDTC will help secure Canada's leadership position in the high-growth cleantech marketplace
Vancouver, BC, December 29, 2020--(T-Net)--The Government of Canada has announced Canada's investment of $750 million over five years to re-capitalize Sustainable Development Technology Canada (SDTC).
The investment, part of the government's strengthened climate plan, A Healthy Environment and a Healthy Economy, announced by Prime Minister Trudeau on December 11, will enable SDTC to support even more companies as they develop and commercialize clean technologies and bring Canadian innovations to the world.
This is the single largest investment in SDTC ever made by the Government of Canada, and it will place a larger emphasis on attracting investment in—and increasing the number of—larger-scale projects that offer significant potential to decarbonize industrial sectors in Canada. These projects will offer new solutions for decarbonization, increasing Canada's industrial competitiveness and creating jobs in a low-carbon economy.
Canada is already a leader in several clean technology areas, and this investment will help the country outpace competitors, attract more investment and ensure Canadians have good, well-paying jobs now and in the future.
Clean technologies will play a more important role than ever as Canada builds back better and as more and more governments, companies and individual consumers seek environmentally friendly products and services. That is why the government says it has made clean technology a priority and remains committed to supporting the talented Canadian innovators who are carving out Canada's share of clean exports, growth and jobs.
"Our government has a plan for a cleaner and stronger economy, and our support of Sustainable Development Technology Canada will help get us there. This investment helps further Canada's leadership in clean technologies so all Canadians can benefit from more economic opportunities and healthier communities. Canada's cleantech innovators will help drive the transition to a low-carbon economy while maintaining and creating good, well-paying jobs for Canadians across the country." stated Navdeep Bains, Minister of Innovation, Science and Industry.
"This investment is about the entrepreneurs who will lead the transition to a zero-carbon, zero-waste economy. Canadian cleantech companies are doing extraordinary things, and we're proud to increase our support for them as they create economic and environmental prosperity for Canadians." said Leah Lawrence, President and CEO, Sustainable Development Technology Canada.
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