Our final recommendation is to call for support for industrial biotechnology companies that are developing new, dedicated biomass crops, transitioning our forestry industries into centres of biorefining, and developing renewable materials for our auto and housing sectors, all helping Canada to achieve commitments to reduce greenhouse gas emissions. Such technologies produce broader and more integrated supply chains, creating economic opportunities and new jobs for Canadians.
The commercial deployment of industrial biotechnology is capital intensive. Public support of pilot-stage technologies is critical to bridge the development from laboratory science to private equity investments.
The SD Tech Fund of Sustainable Development Technology Canada has been crucial in helping these companies transition to market. The pace of Canadian innovation in this sector has outstripped the funding allocated to the SD Tech Fund, and additional funding is needed.
To help ensure the bioeconomy continues to grow here, BIOTECanada urges the federal government to secure Canada's place in the global bioeconomy by renewing and providing a minimum $100 million per year to SDTC to continue to support the next generation of industrial biotechnology and clean tech innovations and to expand this fund's eligibility to include more diverse bio-based technology.