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The Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, has announced that Export Development Canada (EDC) surpassed its own expectations by providing over $12 billion in support to cleantech businesses in 2023. This achievement comes two years earlier than the initially planned target date.
Back in 2022, EDC had set a goal to offer $10 billion in aid to cleantech enterprises by 2025. By the end of 2023, EDC had not only met but exceeded this goal, offering more than $12 billion through various financing and insurance solutions.
This support was extended to over 440 cleantech businesses, a significant increase from $8.8 billion and 392 companies in 2022. Since 2012, EDC’s contribution to cleantech exports has nearly reached $41 billion, establishing it as a prominent backer of the Canadian cleantech sector.
EDC plays a vital role in aiding Canadian businesses to compete in global markets. It offers essential financial products, services, and expertise to help businesses expand from local entities to significant global players. EDC is committed to fostering a robust, sustainable, and inclusive economy in Canada and supporting quality jobs for the middle class as the nation’s export credit agency.
Mary Ng, Minister of Export Promotion, International Trade and Economic Development said, “EDC’s dedication and support for Canada’s cleantech businesses is a cornerstone of growing a clean economy and creating good middle-class jobs. This type of leadership and collaboration on cleantech is key to our efforts to tackle climate change, increase energy security and build a sustainable, inclusive and resilient Canadian economy of the future.”
Mairead Lavery, President and CEO, Export Development Canada said, “The ingenuity and innovation we see among Canada’s cleantech companies play a critical role in supporting the global transition to a low-carbon economy. It’s through the success of our customers—Canadian exporters—that we at EDC can make the greatest impact in the transition. With the early achievement of this target, we are proud to be supporting the accelerated international growth and recognition of Canadian cleantech, while progressing on our commitment to reach net zero by 2050.”
