A new study shows that Canada’s spending per capita on research and development (R&D) lags behind its peers, which is weighing on the nation’s climate technology sector.
from Boston Consulting Group’s Centre for Canada’s Future found that Canada ranked second to last on total R&D spending per capita among its peers. The study noted that Canada falls behind other countries in total R&D investment per capita, where low business R&D spending is a “key driver of poor performance.”
“The global push for net zero creates huge opportunities for Canada’s climate tech innovators, but they will need support to survive"valleys of death" and scale to impact,” the study’s authors said in aAccording to data from the analysis, R&D spending in Canada per capita came in at US$700, with 52 per cent of spending coming from business activity, while the remainder came from government or higher education.
“The opportunities are vast: BCG estimates US$100-150 trillion in new investment will be needed by 2050, while the International Energy Agency believes that half the climate technologies the world will need for net zero are still in development,” the authors said in the release. Additional findings from the study included that Canada falls behind its peer nations in later-stage funding for climate tech startups. The study ranked countries on the share of funding events over US$50 million, it found that seven per cent of funding events in Canada met the threshold.
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