Federal budget reveals investments for clean tech and biomanufacturing sectors
Maryam FaragEconomy General Sustainability Energy Government Manufacturing biomanufacturing Canada Canadian economy federal bugdet green initiatives growth life sciences manufacturer manufacturing Sustainability vaccination zero-emission vehicle
The 2021-2022 federal budget revealed $17.6 billion towards clean tech investments and green initiatives, and $2.2 billion in biomanufacturing and life sciences sectors.
The key highlights in the government’s $2.2 billion over seven years towards the sector of life sciences and biomanufacturing include:
- $500 million over four years for the Canada Foundation for Innovation to support the bio-science capital and infrastructure needs of post-secondary institutions and research hospitals.
- $250 million over four years for the federal research granting councils to create a new tri-council biomedical research fund.
- $92 million over four years for adMare to support company creation, scale up, and training activities in the life sciences sector.
- $59.2 million over three years for the Vaccine and Infectious Disease Organization to support the development of its vaccine candidates and expand its facility in Saskatoon.
- $45 million over three years to the Stem Cell Network to support stem cell and regenerative medicine research.
- $1 billion over seven years through the Strategic Innovation Fund would be targeted toward domestic life sciences and bio-manufacturing firms.
- $250 million over three years to increase clinical research capacity through a new Canadian Institutes of Health Research Clinical Trials Fund.
- $50 million over five years to create a life sciences stream in the Venture Capital Catalyst Initiative.
The federal government’s $17.6 billion investment in a green recovery and zero-emission plan includes:
- Reduction by 50 per cent of the general corporate and small business income tax rates for businesses that manufacture zero-emission technologies.
- Expansion of the list of eligible equipment to include equipment used in pumped hydroelectric energy storage, renewable fuel production, hydrogen production by electrolysis of water, and hydrogen refueling. Certain existing restrictions related to investments in water-current, wave and tidal energy, active solar heating, and geothermal energy technologies would also be removed.
- $56.1 million over five years with $16.3 million in remaining amortization and $13 million per year ongoing, to Measurement Canada to develop and implement, in coordination with international partners such as the U.S., a set of codes and standards for retail zero-emission vehicle charging and fueling stations. This would include accreditation and inspection frameworks needed to ensure the standards are adhered to at Canada’s vast network of charging and refueling stations.