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article imageCanada: A green future for clean technology?

By Gene Kosowan     Mar 18, 2014 in Technology
Ottawa - An environmental research firm has predicted that clean technology has the potential to become a $50-billion industry, employing more than 100,000 workers by 2022.
In a commentary printed in the Toronto Star on Sunday, CĂ©line Bak, president of Analytica Advisors, said that the clean technology sector is one of Canada's best-kept secrets. And with proper legislation, and additional investment, the industry could grow as fast as the country's aerospace industry.
Bak estimated that the industry, currently worth $11 billion, has grown by nine percent from 2011 to 2012. "It is made up of about 700 small to medium-sized enterprises, most with less than $50 million in revenue," she said. "However, together they invest $1 billion in research and development and employ 41,100 Canadians, 20 per cent of whom have not yet celebrated their 30th birthday."
Echoing talking points revealed in the company's 2014 Canadian Clean Technology Industry Report, Bak said that the same investment opportunities and regulations that helped Canada's energy sector prosper could easily be applicable to clean technology businesses. She also outlined what such an industry would look like in eight years.
"It would be woven within our natural resources and manufacturing sectors, driving innovation and market diversification, and winning two per cent of global market share."
Bak hinted at the lack of Canadian support for what the clean technology sector can offer. According to the report, three-quarters of companies in the industry are exporters.
"Domestic demand, however, is underwhelming," she said.
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