BC cleantech sector revenue jumped to $2.4 billion in 2019
British Columbia’s cleantech sector has grown in the last three years as the world looks for sustainable solutions to address climate change and environmental risks, finds a new report on the sector from KPMG in Canada.
The B.C. Cleantech 2019 Status Report found revenue in the sector jumped to $2.4 billion in 2019, up from $1.8 billion in 2016. Overall employment in the sector climbed to 16,300, with over 9,600 based in the province and the number of companies grew to 293 from 273.
“This report confirms that B.C. cleantech is a dynamic, rapidly growing, highly diversified sector of the BC economy,” said Jonathan Rhone, chair of the BC Cleantech CEO Alliance. “Over the past decade, B.C. cleantech has not only established itself as a global leader in delivering solutions to address the world’s toughest energy and environmental problems, it has proven itself as an economic powerhouse of investment, employment and prosperity for British Columbians.”
The report finds the B.C. sector is increasingly export-oriented, with 87 per cent of revenues forecast to be generated outside of the province in the next three to five years. The sector is also diversified across a wide range of markets, including power generation, transportation, oil and gas, mining, chemicals, pharmaceuticals, and agriculture.
“This diversity not only reflects the breadth and depth of the sector but also the scale of the global market for cleantech, which is now estimated at more than $3 trillion,” said George D. Kondopulos, partner and GVA industry leader for technology, media and telecommunications, KPMG in Canada.
“As our findings show, the amount of equity capital being invested into companies in the province continues to accelerate and the amount of government funding, through a variety of programs, also continues to support this important and thriving sector. It is a privilege to support a sector that is having such a profound impact on the sustainability and quality of life of British Columbians, Canadians and everyone around the world. It will only continue to grow as a significant employer and economic driver in the province”.
The report found that companies in B.C. have raised over $7 billion in investment since inception, an increase of nearly $3 billion from the 2016 Status Report.
“British Columbia is home to the largest clean tech sector in the country,” said Jonathan Wilkinson, federal minister of environment and climate change. “This report confirms Canadians are succeeding in building a thriving, prosperous, export-oriented clean tech industry. The Government of Canada is proud to support these important innovations, through the investment of over $3 billion – which ensures we are effectively supporting companies and projects in the transition to a clean economy.”