Protein Industries Canada To Receive $150 Million In Renewed Funding From The Federal Government
Source：realagriculture
From：Taiwan Trade Center, Toronto
Update Time：2023/04/29
The Protein Industries Canada initiative will receive an additional $150 million in federal government funding over the next five years, following the expiration of the initial funding for the innovation cluster last year.
As part of the $750 million Global Innovation Cluster program, which was introduced in the 2022 budget to replace the Innovation Superclusters Program launched in 2017, the protein initiative is one of five clusters that will receive funding.
During its first five-year term, Protein Industries Canada (PIC) invested $173 million of federal funds into 55 projects focused on plant-based food, feed, and ingredients, which generated $304 million in private investment.
According to PIC CEO Bill Greuel, this renewed investment will support ongoing innovation, company scaling, and the commercialization of new products in Canada's plant-based food, feed, and ingredient sector, with the aim of achieving a $25 billion industry by 2035.
François-Philippe Champagne, Minister of Innovation, Science and Industry, who revealed that each cluster will receive renewed support to expand its national presence and deepen its impact at home and abroad. Following a competitive assessment process, based on financial track record and program metrics, the clusters will be allocated funding amounts as follows:
- The Advanced Manufacturing Cluster will receive up to $177 million to support the commercialization of transformative projects that develop, scale up and apply advanced technology solutions in manufacturing, attracting talent and investments from within Canada and around the world.
- The Protein Industries Cluster will receive up to $150 million to facilitate investment in Canada’s plant-based food and feed ecosystem and in the creation of new products and services while reducing the greenhouse gas emissions associated with agricultural production and food processing.
- The Digital Technology Cluster will receive up to $125 million to mobilize the Canadian industry to build world-leading digital technologies that will make Canada a global leader in clean, healthy economic growth and see Canadian companies become digital anchor enterprises.
- The Scale AI Cluster will receive up to $125 million to establish Canada as a global hub for artificial intelligence dedicated to business productivity and intelligent supply chains, with Canadian technology setting the world standard and providing a competitive advantage for Canadian businesses.
- The Ocean Cluster will receive up to $125 million to accelerate solutions to address global ocean opportunities, building a stronger Canadian economy and a healthier planet.
The clusters will have the following common missions: expanding their global presence, collaborating among the clusters to deepen their impact, fighting climate change, building more resilient supply chains, and supporting the growth and scale-up of Canadian companies. The clusters will also aim to increase industry co-investment by raising their industry match ratio, which will result in a further positive impact on job creation and GDP.
The clusters have had positive impacts since their implementation by fostering collaboration across Canada’s innovation ecosystem, supporting hundreds of groundbreaking projects, and creating thousands of well-paying jobs. The Canadian government will continue to double down on spurring innovation and strengthen Canada’s position as a global innovation leader.
Source: https://www.realagriculture.com/2023/02/protein-industries-canada-to-receive-150-million-in-renewed-funding-from-the-federal-government/