They come up with new ideas that solve pollution and efficiency problems and generate revenues of $11.3-billion annually, but Céline Bak, president of Analytica Advisors, believes this is just the beginning of an upward trajectory for Canada's 700 clean tech companies.
The sector's growth is also reflected in the number of employees, which has increased to 41,000. "Plus the supply chains, we are talking about a 200,000 person industry," she says, adding that clean tech is also a field where many want to build careers – 20 per cent of the workforce is made up of the under-30 age group.
Clean tech firms are part of what Ms. Bak calls the "new real economy." By launching the first national independent research on the Canadian clean technology industry and global markets, Analytica Advisors promotes better understanding of the opportunities. It also builds bridges between investors, entrepreneurs and government, aiming to create a $50-billion clean technology industry by 2020. The focus on sustainability boosts the sector's strength as it makes it less vulnerable to market whims. One example is consumer perception – a factor that can negatively affect returns on investments in fields like the auto sector – that works in favour of clean tech because "the industry is solving problems," says Ms. Bak.
A problem prompting a number of recent innovations is the need for energy storage.
Solutions can be applicable for projects of different scale, for example data centres that need backup or large utility companies integrating renewable energy components that come with the need for storage or "power conditioning" – increasing the quality of the power so it can go into the grid without causing problems, Ms. Bak explains.
Technologies that are providing answers – and that Canadian companies are active in advancing – are lithium-ion batteries, hydrogen-based storage and flywheel energy storage systems.
"Clean tech isn't just a science project," Ms. Bak says. "This is an industry that is very much aligned with Canadian values."
The potential for the economy is immense, says Ms. Bak, adding, "The move to a less polluting and lower carbon economy is not about what we can't do anymore. It's about what we can do now and the things we'll be able to do in the future."
This content was produced by Randall Anthony Communications, in partnership with The Globe and Mail's advertising department. The Globe's editorial department was not involved in its creation.