Green Technology Key To Future Of Ontario's Economy
Environmental Sustainability Will Drive Economic Growth
Ontario is already a leader in green technologies and the McGuinty government's $650-million Next Generation Jobs Fund will ensure Ontario keeps ahead of its competitors in the areas of greenhouse gas reductions, energy efficiency and green technologies.
Research cited in The Economist, May 31, 2007, reports that global investment in renewable power-generation, biofuels and low-carbon technologies rose from US$28 billion in 2004 to US$71 billion in 2006. This level of investment presents tremendous opportunities for economic growth and job creation.
Next Generation Jobs Fund
The Next Generation Jobs Fund will support environmental advances in all areas of the economy, including advanced manufacturing, energy production, forestry and agriculture. The fund is modeled after the government's successful Ontario Automotive Strategy that helped to leverage more than $7 billion in total new automotive investments and anchored thousands of high-value jobs.
The Next Generation Jobs Fund is a five-year, $650-million strategy that will stimulate economic growth and prosperity in Ontario while helping to reduce greenhouse gas emissions and improve environmental sustainability. The fund will invest in:
- The manufacturing of green cars and auto parts
- The development of clean fuels, and
- The creation of clean technologies and products.
To bid for financial support, companies will have to demonstrate they can:
- Secure jobs for Ontarians
- Reduce greenhouse gas emissions
- Help establish Ontario as a global leader in an emerging market
- Build on existing expertise in areas in which Ontario has a strong research and commercialization base or create new expertise, and
- Create synergies among researchers, business people and entrepreneurs.
The fund will provide flexible arrangements that allow for grants, loans, forgivable interest loans, infrastructure building, research and training programs. Investment packages will be strategically tailored.
Ontario -- Already A Leader In Environmental Sustainability
Ontario is already positioning itself to be a leader in renewable energy and green technologies. Some recent initiatives include:
- A $10 million investment with Roxul Inc. of Milton to support the development of new commercial, industrial and residential insulation products that use recycled scrap material from the steel and construction industries.
- A $1.6 million investment with wood composite manufacturer Flakeboard Company in Sault Ste. Marie that will feature a biomass combustion system that will help reduce gas consumption.
- A $235 million investment in General Motors that includes the development of fuel-efficient cylinder deactivation engine technology and the production of 100 prototype fuel cell-equipped Chevrolet Equinoxes.
- A $21 million investment to help Queen's University create its Advanced Research and Innovation Centre that specializes in bio-processing and biomaterials.
- Investing $6 million in the Ontario BioAuto Council to help move emerging technologies into the marketplace.
- Investing $6 million to support Lakehead University in working to ensure the sustainable development of Ontario's boreal forest.