Export Development Canada (EDC) has provided a record of more than $12 billion in support for cleantech business in 2023, achieving its target two 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.

“EDC’s dedication and support for Canada’s cleantech businesses is a cornerstone of growing a clean economy and creating good middle-class jobs,” said Mary Ng, Minister of Export Promotion, International Trade and Economic Development. “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.”

In 2021, EDC became the world’s first export credit agency to commit to achieving net zero emissions by 2050.

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“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,” said Mairead Lavery, President and CEO, Export Development Canada. “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.”

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.

Featured image credit: Getty Images

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