Ministry of Research Innovation and Science
Province’s Carbon Market to Fund Initiatives Through New Cleantech Strategy
Toronto, ON – Feb 13, 2018
Ontario is supporting the development of new, globally competitive low-carbon technologies that will reduce greenhouse gas pollution and fight climate change. This investment is part of Ontario’s Climate Change Action Plan and is funded by proceeds from the province’s cap on pollution and carbon market.
Reza Moridi, Minister of Research, Innovation and Science launched the new Cleantech Strategy today, which will help cleantech companies launch products and services, find new customers, and scale up in a global market that is expected to be worth $2.5 trillion by 2022.
The strategy will help cleantech companies grow and meet global demand through:
- Venture and scale readiness support, such as improving access to global market intelligence
- Access to capital, including providing guidance on available provincial and federal cleantech funding and simplifying access
- Regulatory modernization, such as reducing barriers for cleantech market entry
- Adoption and procurement, by increasing demonstration and pilot opportunities.
Ontario’s Cleantech Strategy includes initiatives funded by proceeds from the province’s carbon market that support cleantech companies and accelerators, helping them expand and develop new technologies. This includes the Global Market Acceleration Fund (GMAF) and Green Focus on Innovation and Technology (GreenFIT).
Supporting innovation while reducing greenhouse gas pollution is part of Ontario’s plan to create fairness and opportunity during this period of rapid economic change. The plan includes a higher minimum wage and better working conditions, free tuition for hundreds of thousands of students, easier access to affordable child care, and free prescription drugs for everyone under 25 through the biggest expansion of medicare in a generation.
Listen to the audio below: