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Government of Canada announces $5.2 million to boost. B.C. clean technology sector

PacifiCan funding to Foresight Canada will establish an innovation network to help B.C. cleantech companies grow and create jobs

Burnaby, BC, February 16, 2023--(T-Net)--The Government of Canada has announced $5.2 million in funding through the Pacific Economic Development Agency of Canada (PacifiCan), together with $2.3 million from the Province of BC, for Foresight Canada.

Foresight Canada will use this funding to establish the BC Net Zero Innovation Network (BCNZIN), bringing together innovators, businesses and stakeholders to accelerate the development of competitive cleantech solutions, and moving them to market.

Foresight will initially focus on solutions for B.C.'s forestry, mining and water sectors.

Not only will this network accelerate the development and adoption of clean technologies, it will open up new markets and attract world-class talent to the province. This project is expected to spur growth in B.C.'s cleantech sector, creating 240 new jobs and attracting $280 million in investment. In addition to strong economic benefits, the project has a target of reducing greenhouse gas emissions by 125 kilotonnes.

The Government of Canada says it has committed to net-zero emissions nationwide by 2050. In B.C, PacifiCan is investing in the development and adoption of clean technology solutions to help meet this goal.

"The world is moving towards cleaner technologies and Canada has the opportunity to be a true global leader—creating good jobs for Canadians while helping the world meet climate change and other environmental goals. PacifiCan's support for this project with Foresight Canada is an important step in creating environmental solutions here in B.C." said Harjit S. Sajjan, Minister of International Development and Minister responsible for the Pacific Economic Development Agency of Canada.

"Foresight Canada is thrilled to launch the BC Net Zero Innovation Network (BCNZIN), made possible through funding contributions from PacifiCan, the Province of British Columbia, and other partners. This project will take cleantech innovation in British Columbia to the next level, allowing climate ventures and industry leaders from key sectors across the province to develop and scale critical climate solutions that attract capital, generate green jobs, drive exports, and accelerate domestic industry sustainability. Initiatives like this will significantly accelerate Canada's transition to a net-zero economy, and Foresight is excited to demonstrate this model in BC." stated Jeanette Jackson, CEO, Foresight Canada.

Quick facts

• Foresight Canada brings together innovators, industry, investors, government, and academia to address today's urgent climate crisis and support the global transition to a green economy.
  
  
• BC Cleantech Innovation Network was funded through PacifiCan's Regional Innovation Ecosystems program. This program aims to grow and nurture priority sectors across British Columbia, building an ecosystem that includes under-represented groups and allows those sectors to innovate and compete globally.
  
  
• PacifiCan is the Government of Canada's regional development agency dedicated to British Columbians. PacifiCan promotes growth and diversification in British Columbia's economy by enhancing innovation, improving business competitiveness, and promoting inclusive growth.

Associated links

• PacifiCan
• Foresight Canada