At the Sustainable Development Technology Canada conference, it was announced that Canada had $329 million dollars of private investment in 2010 in cleantech and another projected $383 million in 2011, just off the all-time record high set back in 2007.
Canada may rank fourth in the world in cleantech investment, but it's nothing compared to the United States which had $5.106 billion dollars of investment in 2010 and a projected $5.504 billion in 2011.
Meanwhile, Prime Minister Stephen Harper dealt another blow to the future of the cleantech industry this week. After removing the funding from the Climate Action Network of Canada earlier this year and a number of layoffs at Environment Canada, Harper moved swiftly to cut a further $200 million dollars in environmental spending which included climate, ozone and conservation programs.
Besides, Harper has always lobbied against greenhouse gas regulation that the rest of the world has wanted to impose since his time in office began five years ago.
It was further argued that corporations like IBM, BP Global, and General Electric simply haven't stepped up to the plate to help grow the small innovative cleantech companies like LG and Samsung in Korea.
However, Canadian mergers and acquisitions shot up from $319 million to $1.288 billion from 2010 to 2011, so the industry is certainly growing. Deloitte, which sponsored the conference did have an executive mention to me that sometimes it's better to ask the corporations to find out what's really going on.
Regardless, we have to remember that clean solar power in Ontario is a provincially funded project so the leading private investment is recycling and waste at $143 million. Energy efficiency has been the top invested sector since 2005.
Geographically speaking, the cleantech leaders since 2005 in terms of investment are $891 million in Ontario, $529 million in British Columbia and $233 million in Quebec while only $103 million from Alberta where the energy giants are mostly situated.