As Canada accelerates its journey toward a net zero future, hard-hitting discussions from leaders in policy, industry, climate, and innovation remain crucial to shaping the path forward. Last month, Foresight took the conversation East, partnering with Invest Ottawa to host Future Economy Summit Part 3, an event dedicated to tackling the most pressing challenges in Canada's cleantech landscape.
Here are some of the key takeaways that are critical to advancing Canada’s cleantech future:
1. Emphasizing Adoption
Innovation goes beyond creating new technologies; it’s about adopting existing ones. Encouraging market adoption is essential to unlock the full potential of valuable technologies that are currently limited by regulatory barriers and perceived risks. Strategic government procurement can play a critical role in driving demand and demonstrating viability.
2. Navigating Policy Uncertainty
Political instability and inconsistent policies create significant barriers to innovation and investment. Establishing durable, outcome-focused policies—like those aimed at measurable greenhouse gas reductions—will build market confidence and enable effective industry mobilization. When policy is done right, capital follows.
3. Canada's Competitive Edge at Risk
While Canada has historically been a leader in the cleantech and energy sectors, we are now falling behind international competitors, especially considering initiatives such as the European Green Deal and the U.S. Inflation Reduction Act. Timely government action is crucial to maintaining our competitive position.
4. Building Indigenous Capacity
Early alignment AND long-term commitments with Indigenous values will foster partnerships & enhance outcomes. Indigenous communities often successfully implement cleantech faster due to less regulatory frameworks. However, success looks different for everyone—while municipalities and industry focus on profitability, for rights holders and vulnerable communities, it’s about resilience, preservation, and mitigating climate impacts.
5. Government’s Role in Cleantech Support
Effective inter-agency collaboration is key to amplifying the impact of government initiatives. Fragmented leadership and conflicting priorities often undermine these efforts. Greater coordination and strategic support for decarbonization technologies are needed to accelerate Canada’s progress toward a net zero economy.
6. Balancing Business Sense with Climate Action
Clean technologies must make both environmental and economic sense. While the passion and need to address the climate crisis is clear, widespread adoption will only occur when there’s a clear business case. Canada's monopolized sectors hinder innovation by stifling competition & fostering excessive risk aversion in the economy, impeding the growth of viable clean technology solutions.
What's Next?
The risks of inaction on climate change—both economically and environmentally—are significant and warrant immediate attention. We have a unique opportunity to drive sustainable change at scale—if we act now.
If you missed the Future Economy Summit Part 3, you can revisit the event’s insightful discussions by watching the full recording. The challenges ahead are complex, but with collaboration, innovation, and decisive action, Canada has the potential to lead the world in creating a sustainable, net zero future.
Let’s keep the momentum going! Fill out this form to be notified about the next instalment of Future Economy Summit.
