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Global mindset is in the perfect position for a shift towards sustainable and innovative industries and actions have been taken by governments, the private sector, nonprofit organizations, and the consumers.
Canada is the perfect example of how governments and industries can invest together towards sustainable industries through innovation in the production process. Let’s take as an example the auto industry and its shift toward electric vehicles (EVs).
Canada is currently the thirteen-largest auto-producing nation in the world, and the seventh-largest auto exporter by value, producing 1.4 million vehicles and exporting $32 billion worth of vehicles in 2020. The sector plays a key role in Canada’s economy. With a $12.5 billion contribution to GDP in 2020, it is one of Canada’s largest manufacturing sectors. The industry directly employs more than 117,200 people, with an additional 371,400 people in aftermarket services and dealership networks in 2020.
Few areas in the world of clean energy are as dynamic as the electric car market. Sales of electric vehicles (EVs) doubled in 2021 from the previous year to a new record of 6.6 million. Global sales of electric cars have kept rising strongly in 2022, with 2 million sold in the first quarter, up 75% from the same period in 2021.
The success of EVs is driven by multiple factors. Sustained policy support and government co-investment are the main pillars. Canada’s Federal Minister of Innovation considers EV production as a strategic opportunity for the country, and they are demonstrating it with the investment in this industry along with the private sector.
However, Canada’s government has also understood, that investment in innovation doesn’t reflect only in the productive process, but in market consumption as well. The Ministry of Transportation has created an incentive package for the final consumer to purchase EVs. With these policies and incentives, the consumer market is encouraged to consume EVs, but as well, the innovation in all the supply chain is incentivized.
Canada is a perfect example of how successful policies and investments by government agencies, together with the private sector, can push toward innovation not only in a specific industry or process but through the whole supply chain. If the trend maintains we can expect that Canada may develop the EVs supply chain into one of the most innovative and sustainable in the world.
As part of the supply chain innovation, Canada has the great opportunity to lead the EV revolution. Counting on mineral resources needed for the manufacturing of energy storage, there is an interesting opportunity to develop the whole value chain of this industry. Local manufacturing of energy storage solutions is something the Government and industry players are looking at. This effort will link to the electrification of one of the most important industries in the country, mining.
https://www.ic.gc.ca/eic/site/auto-auto.nsf/eng/home
https://www.iea.org/reports/global-ev-outlook-2022/executive-summary
https://www.youtube.com/watch?v=EejOCindTPo
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