September 1: Five Things Happening in the Green Economy This Week

Every two weeks, Mike Moffatt, Senior Director at SPI, explores five things to watch in the green economy in a segment for Smart Prosperity: The Podcast. Click here to listen to this week's episode.

On top of all the additional news, research, and analysis covered in the podcast, here are five (other) things happening in the green economy this week:

1) Canadian clean technology companies are attracting record levels of investment in 2021, with the sector securing about three billion dollars in equity financing over the first half of the year. That’s more than triple the amount over the same period last year, and almost ten times the same period in 2019.

2) While there are record levels of investment in Canada’s cleantech sector, a new RBC report says there’s not enough when it comes to greening Canada’s traditional sectors, like oil and gas. The report says $70 billion needs to be invested annually to help Canada’s traditional sectors make a green transition. Currently only $10 billion is being invested annually.

3) For the first time, steel has been commercially produced without fossil fuels. Swedish manufacturer, HYBRIT, is delivering a first batch of steel produced entirely with clean electricity and hydrogen. Steel is among the top three polluting industries worldwide, producing 8% of global CO2 emissions. HYBRIT aims to scale up production of its fossil-free steel by 2026.

4) Imperial Oil plans to build Canada’s largest renewable diesel plant, converting vegetable oil into one billion litres of cleaner-burning fuel each year. It’s part of a broader transition to produce cleaner energy, driven by stringent Canadian regulations. However, Imperial noted that it will continue to sell polluting diesel in countries with lagging regulations.

5) Fridays for the Future, the global youth-led movement initiated by Greta Thunberg, launched a fundraising campaign last week to evacuate Afghanistan’s climate campaigners.  Climate activists in Afghanistan are gravely at risk with the Taliban’s insurgence. Donations have helped pay for flights, visa and legal fees, and other costs associated with getting them to safety.

Listen to the full segment, and plenty of other great content, in today's new episode of Smart Prosperity: The Podcast. Our podcast provides fresh takes on the current affairs, politics, research and business of the clean economy. New episodes posted every two weeks.