Thank you, Mr. Chair.
Thank you to the committee for the invitation to speak today.
My name is Meaghan Seagrave, and I'm the executive director of Bioindustrial Innovation Canada, also known as BIC.
Before going any further, I would like to acknowledge that I'm joining you today from the traditional, unceded and unsurrendered territory of the Wolastoqiyik, Mi'kmaq and Passamaquoddy peoples here in New Brunswick.
I'm happy to speak to you about Bill C-235. BIC supports this bill, as it complements our existing work as a not-for-profit and national business accelerator, focused on supporting developers of clean, green and sustainable technologies here in Canada. BIC is leading Canada's circular economy development as the only business accelerator in Canada focused on providing critical strategic investment advice and services to those businesses and developers in the green sustainable space.
BIC has a long track record of success in identifying and supporting early-stage clean-tech and clean energy companies, by focusing on helping them overcome hurdles to commercialization and allowing them to remain and grow here in Canada. BIC has been involved with companies in various sectors, from battery recovery and resource recycling to the identification and growth of value chains for the country's agricultural and forestry biomass.
To date, BIC has invested in 32 early-stage companies and fostered its own investment fund. In the process, our portfolio companies have created over 5,200 jobs and leveraged an additional $350 million in third party investments. We're on track to document greenhouse gas reductions of over 13 megatons by 2030.
We understand that reaching Canada's net-zero targets will take a nationwide effort and concrete initiatives. The proposed framework that promotes economic sustainability, growth and employment in the Prairies aligns well with BIC's current mission to identify, support and grow sustainable business opportunities across the country. The Prairies have an abundant and sustainable biomass resource, which not only is foundational to Canada's food and protein production, but also provides the building blocks in terms of starches, fibres and oils that are critical to the production of bio-based products.
Bill C-235 has the potential to catalyze those opportunities, particularly those rooted in resource and industrial sectors. By ensuring improved alignment among stakeholders, this bill will further enable the region's green transition, focusing on the role of agriculture in the new prairie economy, as well as Canada's largest emerging circular economy.
This bill will support the building of value chains that connect Canada's agriculture and forestry biomass to the advanced manufacturing of biochemicals, biomaterials and biofuels used across a multitude of industries, providing alternatives for greener application in Canada's automotive, aerospace, construction and energy sectors and successfully stimulating a green economy while helping Canada move towards its net-zero targets.
In summary, supporting this bill will effectively support organizations like BIC by way of programs and products that support early-stage businesses and help them innovate and overcome commercialization hurdles.
Decarbonizing Canada's economy is a long-term objective. BIC wants to ensure that all regions get to benefit from a green economy, especially regions like the prairie provinces, with considerable promise to help Canada move towards its net-zero targets. This bill will help the Prairies attract additional investment and business opportunities while creating the jobs of the future for the region.
Thank you for your time.