Today, the Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, announced that Export Development Canada (EDC) provided a record of more than $12 billion in support for cleantech business in 2023, achieving its target 2 years ahead of schedule.
In 2022, EDC set the goal of providing $10 billion in support for cleantech businesses in 2025. As of December 31, 2023, EDC had exceeded its target by providing more than $12 billion in financing and insurance solutions to more than 440 cleantech businesses—up from $8.8 billion and 392 companies in 2022. Since 2012, EDC has supported nearly $41-billion worth of cleantech exports and is a leading financier of Canada’s cleantech industry.
EDC helps Canadian businesses succeed in markets around the world by providing the financial products, services and knowledge they need to grow from local to global. EDC supports a strong, sustainable and inclusive Canadian economy and good middle-class jobs as Canada’s export credit agency.
As one of Canada’s largest financiers of cleantech, EDC provides support for businesses across all subsectors, including renewable power generation, biofuels, energy efficiency and green buildings. EDC has helped Canadian cleantech companies of all sizes achieve success on the global stage.
Quotes
“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.”
- Mary Ng, Minister of Export Promotion, International Trade and Economic Development
“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.”
- Mairead Lavery, President and CEO, Export Development Canada
Quick facts
- In 2021, EDC became the world’s first export credit agency to commit to achieving net zero emissions by 2050.
- In 2022, EDC set and published its first cleantech support target, along with other sustainable finance goals, as part of its net zero commitment.
- EDC is Canada’s official export credit agency, providing a range of solutions to help Canadian companies of all sizes diversify globally. Those solutions include financing, insurance, bonding, trade knowledge and global connections. EDC also helps Canadian companies export and invest abroad.
- For 80 years, EDC has been providing unique trade knowledge and financial solutions to support and develop sustainable trade between Canada and the rest of the world and to enhance Canada’s competitiveness in the international marketplace.
- EDC has 16 offices across Canada and is represented in 23 international locations, including Singapore (which is an EDC stand-alone office). Each office focuses on connecting with Canadian companies and helping them succeed internationally.
- EDC reports to Parliament through the Minister of Export Promotion, International Trade and Economic Development.
Associated links
Contacts
Shanti Cosentino
Press Secretary
Office of the Minister of Export Promotion, International Trade and Economic Development
343-576-4365
Shanti.Cosentino@international.gc.ca
Media Relations Office
Global Affairs Canada
media@international.gc.ca
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