EDC Surpasses $12 Billion Support for Canadian Cleantech, Exceeds 2023 Goal

Image Credit, Glen Kelp

Export Development Canada (EDC) announced today that it had exceeded its 2025 goal by providing a groundbreaking $12 billion in support for cleantech businesses in 2023, two years ahead of the set target. Mary Ng, Minister of Export Promotion, International Trade and Economic Development, commended the government agency on its achievement, emphasizing its crucial role in fostering a clean economy and generating middle-class jobs.

In 2022, EDC set an ambitious goal of offering $10 billion in support for cleantech businesses by 2025. However, the latest figures reveal that as of December 31, 2023, it has surpassed this goal and provided over $12 billion in financing and insurance solutions to more than 440 cleantech businesses. This is a significant increase from the $8.8 billion provided to 392 companies in 2022.

Since 2012, the government has supported nearly $41 billion worth of cleantech exports, solidifying its position as a leading financier of Canada’s burgeoning cleantech industry. The agency plays a pivotal role in assisting Canadian businesses in expanding from local to global markets, contributing to the growth of a strong, sustainable, and inclusive Canadian economy.

Support spans various cleantech subsectors, including renewable power generation, biofuels, energy efficiency, and green buildings. The agency’s influence extends to cleantech companies of all sizes, helping them achieve success on the global stage.

Minister Mary Ng expressed her gratitude: “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 of Export Development Canada, highlighted the role of innovation in driving the global transition to a low-carbon economy. Lavery stated, “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.”

In 2021, EDC became the world’s first export credit agency to commit to achieving net zero emissions by 2050. The agency set and published its first cleantech support target in 2022, aligning with its broader sustainable finance goals as part of the net zero commitment.

Export Development Canada, as Canada’s official export credit agency, provides comprehensive solutions to help Canadian companies diversify globally, including financing, insurance, bonding, trade knowledge, and global connections. Its 80-year legacy has facilitated sustainable trade between Canada and the rest of the world, enhancing Canada’s competitiveness in the international marketplace.

With 16 offices across Canada and representation in 23 international locations, including Singapore, EDC remains committed to connecting with Canadian companies and helping them succeed internationally. The agency reports to Parliament through the Minister of Export Promotion, International Trade, and Economic Development.