Companies developing technologies to cut carbon emissions are in line for an opportunity worth up to $120 billion as Canada kicks off a carbon pricing program aimed at cutting the nation's greenhouse gas emissions, according to Lux Research.
Local start-ups targeting transportation and waste are best-positioned to achieve near-term goals, but other sectors also have offerings that can help tackle climate change in Canada.
Canadian Prime Minister Justin Trudeau has mandated each of the 10 Canadian provinces to implement a carbon pricing scheme by 2018, with a minimum of C$10 per metric ton and steadily increasing to C$50 per MT in 2022. By 2030, Canada seeks to cut emissions by 28%, to 524 million metric tons (MT) of CO2 equivalent.
"While it remains to be seen how Canada's provinces will spend the billions in tax revenues, proper allocation of funding can eventually position Canada as a global hotspot for innovations," said Yuan-Sheng Yu, Lux Research Senior Analyst and lead author of the report titled, "Analyzing Canada's Ecosystem for Carbon Emissions Reduction Technologies."
Lux Research analysts identified and evaluated 76 strong companies out of a list of 349 Canadian companies, identifying well-positioned and high-potential technology developers across seven key sectors: oil and gas, transportation, electricity, buildings, industrial, agriculture, and waste. Among their findings:
The report, titled "Analyzing Canada's Ecosystem for Carbon Emissions Reduction Technologies," is part of the Lux Research Intelligence service.
About Lux Research
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SOURCE: Lux Research
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