Canada has performed well over the last few years. The country looks particularly good when compared to many other nations which suffered tremendously after the recession of 2007 & 2008. Although Canada’s ruling Conservatives may try to take the credit, the nation’s economic strength is attributable to the market demand for Canada’s abundant natural resources like oil and potash.
Canada’s West is booming due to their abundant crude oil, but cleantech is having a tough time. We need to see increased investment in environmental innovation and technologies to move the industry forward.
An expert panel report titled Innovation Canada: A Call to Action. Review of Federal Support to Research and Development, highlighted the value of innovation and focused on the need “to conjure up new products and services, to find novel uses for existing products and to develop new markets – these fruits of innovation are the tools that will ensure Canada’s success in the twenty-first century.”
According to Ottawa-based Analytica Advisors, the global cleantech market is expected to reach $3 trillion by 2020. “If Canada captures just 2 per cent of the cleantech market by 2020, which also happens to be our share of carbon emissions, we’d build a $60-billion industry. We’re investing in the next generation of global leaders in this sector,” said Murray McCaig, Managing Director of the MaRS Cleantech Fund LP.
Canada can thrive if it is able to harness the strength and creativity of entrepreneurs and those in the business community. The key is investment in research and development of technologies that are less wasteful and more productive.