Clean technology is one of B.C.'s fastest growing industries and it 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.
The report noted that B.C. is home to one of the most vibrant clean-tech sectors in North America. There are now 202 companies in B.C. whose sole focus is the research, development or deployment of clean-technological innovations. More than two-thirds of them did not exist a decade ago.
In 2011, clean tech is forecast to employ 8,400 British Columbians, with the average industry salary coming in at $77,000. Total industry revenues are forecast at $2.5 billion.
“British Columbia's clean-tech industry shows tremendous opportunity for growth,” said Lorne Burns, Greater Vancouver area sustainability practice leader, KPMG Canada, and author of the report.
“Clean tech 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 two years and $4.8 billion since the companies were conceived, the report concludes B.C. companies face stiff competition from other jurisdictions.
“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,” said Jonathan Rhone, president and CEO, Nexterra Systems Corp. and chairman of B.C.'s Cleantech CEO Alliance.
“The report clearly demonstrates the value of making the clean-tech industry an economic priority so that it can be an engine of economic growth, prosperity and jobs for British Columbians.”
Jennifer Harrison
Twitter: jharrisonbiv