According to the Federal Budget 2024, the economic landscape in Canada is poised for transformation, with the Canada Growth Fund (CGF) emerging as a pivotal player in shaping the nation’s funding trajectory. Building upon the foundation laid in preceding years, the CGF embarks on a journey marked by innovation, sustainability, and economic resilience.
Unveiling the Canada Growth Fund: A New Era
With a substantial $15 billion allocation and under the stewardship of Canada’s public sector pension professionals, the CGF stands as a beacon of hope for Canadian businesses. Spearheaded by a mandate to attract private capital, this investment vehicle seeks to propel Canada towards a clean and prosperous future.
At the heart of the CGF’s mission lies a commitment to clean energy and technology, driving the development of a robust and sustainable economy while fostering job creation opportunities nationwide. Budget 2024 sheds light on the CGF’s endeavors to expand its Carbon Contracts for Difference (CCfD) offerings, tailored to diverse markets and aimed at accelerating emissions reductions. To accomplish this, the organization hopes to attract substantial private capital investments.
The CGF aims to achieve the following important national economic policy objectives:
- Bringing Canada closer to its climate targets and reducing its emissions in the process;
- Incorporating key technologies such as carbon capture, utilization, and storage (CCUS) and low-carbon hydrogen at a rapid pace;
- Ensuring that the intellectual property in Canadian businesses is retained and that jobs are created in Canadian businesses; and
- Maximizing the use of natural resources and strengthening supply chains to increase Canada’s economic prosperity and environmental sustainability.
Pioneering Investments
In a landmark move, the CGF marked its first investment with a $90 million commitment to Eavor Technologies Inc. This Calgary-based company’s groundbreaking Eavor-LoopTM technology promises scalable, carbon-neutral geothermal power and heat generation, offering a glimpse into a future defined by innovation and environmental stewardship.
March 25, 2024, marked another significant milestone in the CGF’s journey, as it announced a $50M commitment to Idealist Climate Impact Fund LP. This strategic partnership underscores the CGF’s role as a catalytic investor in Canada’s cleantech market, fostering growth and innovation in alignment with national economic and climate policy goals.
Access CGF & Other Clean Tech Funding
As CGF continues to chart its course, guided by a mandate to reduce emissions, accelerate technological deployment, and drive clean growth, it reaffirms its commitment to Canada’s economic and environmental well-being. Through strategic investments and partnerships, the CGF aims to secure a prosperous future for generations to come.
At Mentor Works, A Ryan Company we work with businesses to support funding discovery, grant application writing, and future funding recommendations. Cleantech can be a challenging environment for businesses as ground-breaking research requires significant financial support and guidance. Our cleantech funding directory contains a list of funding opportunities that may be of interest to your company if you are in the cleantech industry.
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