British Columbia's cleantech industry is one of the province's fastest growing industries and has the potential to be a significant economic generator by creating thousands of new high paying jobs, attracting significant new investment and generating billions of dollars in exports.
These are among the findings of the 'Cleantech Report Card for British Columbia,' conducted by KPMG in partnership with the BC Cleantech CEO Alliance. The survey benchmarks the size and growth of the sector and identifies success factors and hurdles to its continuing growth.
BC is home to one of the most vibrant cleantech sectors in North America, the report notes. There are now 202 companies in BC whose singular focus is the research, development or deployment of clean technological innovations. Of these 'pure play' cleantech companies, more than two-thirds did not exist a decade ago.
- One of BC's fastest growing industries, with significant growth potential
- Forecast to employ more than 8,400 people in high-paying jobs in 2011
- Expected to generate $2.5 billion in revenues this year
In 2011, cleantech is forecast to employ 8,400 British Columbians, with the average industry salary coming in at $77,000. Total industry revenues are forecast to be $2.5 billion.
'British Columbia's cleantech industry shows tremendous opportunity for growth,' says Lorne Burns, Greater Vancouver Area Sustainability Practice Leader, KPMG Canada, and author of the report.
'Cleantech is a dynamic industry sector that has emerged over the past decade. It creates high-paying jobs and investment opportunities for British Columbians, it's export-oriented, and it's helping to improve the sustainability of the planet.'
While the industry has succeeded in raising $843 million in total equity over the last 24 months and $4.8 billion since the companies were conceived, the report concludes that BC faces stiff competition from other jurisdictions, which makes it a priority to continue to build the province's cleantech industry as a means of attracting entrepreneurs, capital and jobs.
'This report is strong validation that British Columbia is home to an emerging clean technology sector that is well positioned to be a source of world class innovation,' says Jonathan Rhone, President and CEO, Nexterra Systems Corp, and Chair of BC's Cleantech CEO Alliance.
'The report clearly demonstrates the value of making the cleantech industry an economic priority so that it can be an engine of economic growth, prosperity and jobs for British Columbians.'