From election to execution

NEWS

From promises to execution

What happened: Canadians voted to stick with a Liberal government in an election defined by U.S. trade conflict, energy security, and economic growth. Carney will be in a minority position, relying on support from the NDP and others to get things done.

Why it matters: Both the Conservatives and Liberals put forward platforms with a focus on energy and major projects, but with very different approaches. Analysis by Carbon Brief found the Conservative platform would add 800 megatonnes to Canada’s emissions, while the Liberal plan would continue reducing emissions (although slower than needed).

What it means: With the votes counted and the Liberals taking the reins again, here are some of the main priorities for climate tech and clean energy.

💵 Adoption: The consumer carbon price is gone, but the Carney government plans to drive adoption with more incentives. These rebates could be packaged as credits for industry to use against their emissions.

• Startups working on home energy, retrofits, and EVs could benefit from expanded incentives

• Low-carbon building methods like prefab and mass-timber could see a big lift, featuring prominently in the Liberal homebuilding plan

• Startups could also see more support from government as a buyer, from homebuilding to clean fuels

🚧 Major Projects: Getting projects built faster was a major theme throughout the election, and the Liberals plan to double-down on critical minerals.

• Project proponents can look for streamlined project permitting with a two year target for approvals

• Expanded access to tax credits for critical minerals and more activity from the Canada Growth Fund to help unlock private investment

🏭️ Industrial Decarbonization: Big emitters will play a more active role in decarbonization, driving down their own emissions and helping individuals transition to low-carbon tech.

• Startups building industrial solutions could see a more favourable market with tighter credit limits in the industrial Output Based Pricing System (OBPS)

• Stronger methane regulations and efficiency requirements for industrial heat could also boost work in these areas

• Investments in CCUS will likely stay a priority; carbon removal could accelerate with new offset protocols and a national carbon removal target

🌎️ International Markets: Canadian businesses are reorienting to markets beyond the U.S. that are increasingly integrating climate into their trade rules.

• A Carbon Border Adjustment will help level the playing field with countries that don’t have a carbon pricing system

• The sustainable investment taxonomy and corporate climate risk disclosures could help align private investment with clean technologies.

While it’s not an IRA-level unlock, a combination of stronger industrial decarbonization, government procurement, and tools to spur more investment could be a solid lift for climate tech. 

Yes, but: Delivering on these promises will require a lot of collaboration, particularly with the provinces, where resistance to new standards or caps could slow rollout.

What’s next: Election platforms are one thing, but following through is another. The Clean ITCs took years to implement while the U.S. went full steam ahead with the IRA. To seize the moment, the government will need to shift from strategy to speed - and start executing.

📬️ What actions do you want to see in the first 100 days? Hit reply to let me know.

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CLIMATE CAPITAL

🚚 7Gen (Vancouver, BC) closed $48 million in debt financing from UK-based fleet and battery storage company Zenobē. The capital will finance up to 500 electric fleet vehicles and charging infrastructure in Canada.

🥡 Reusables.com (Vancouver, BC) raised a $3.6 million seed round for its reusable food packaging platform. Reusables offers a turn-key reuse system for institutional food service operators (think hospital and university cafeterias) to eliminate single-use packaging.

💧 Hydrogen Naturally (Calgary, AB) received $3 million from Emissions Reduction Alberta to develop a green hydrogen project using forestry by-products and wildfire damaged wood to generate carbon-negative hydrogen.

♻️ Lithion (Montreal, QC) secured a $4.3 million loan from the Quebec government to develop its battery recycling operations, bringing the province’s investment to $22.5 million. 

💰️ B.C. CICE is investing $2.46 million in five women-led ventures through its first Women in Climate Tech program. Recipients include Ayrton Energy (liquid hydrogen storage), Gaia Refinery (carbon removal for bio-industry), and Seacork Studio (carbon-negative building materials from seaweed).

MILESTONES & PRODUCT

🌊 Planetary won a $1 million XFACTOR award in the XPRIZE competition for its ocean-based carbon removal.

🔥 FireSwarm Solutions partnered with Strategic Natural Resource Group, an Indigenous-owned natural resource consulting group, to distribute and deploy FireSwarm’s firefighting drone swarm tech.

♻️ Anaergia signed a deal to deliver nine new biogas plants across Europe, producing biomethane from waste products.

💰️ The University of Toronto will launch a new climate institute backed by a $60 million donation to focus on sustainable tech, policy, and real-world experimentation.

🧪 The Neptune BioInnovation Centre, Canada’s first large-scale bioinnovation hub, opened in Dartmouth, NS to support the development of smart materials, bioplastics, green chemicals and more.

IN THE NEWS

🚫 Climate disclosures on pause: Securities regulators in Canada are pausing new climate disclosure rules, citing changing requirements in the US and EU. The US SEC is abandoning its climate reporting rules and the EU is scaling back its disclosure rules, CSRD. The move intends to help Canadian firms stay competitive in global markets. [ESG Today]

⚛️ New Brunswick pivots nuclear plans: The province may opt for conventional reactors instead of going with new Small Modular Reactors. ARC Clean Energy and Moltex Energy were tapped to deliver new SMRs, but delays from capital, labour and project development challenges could lead the province to go with tried-and-tested reactor models. [Globe & Mail]

🏭️ DOW delays decarbonization mega-project: The global chemical company will delay its $11.5B overhaul of its Alberta chemicals plant as it focuses on weathering tariffs and economic uncertainty. It was supposed to become the world’s first net-zero ethylene cracker, which turns fossil fuels into usable products. [G&M]

⛏️ Foreign interference in critical minerals: Ontario plans to limit foreign interference in critical minerals development and energy. A new bill would give the province the ability to suspend or cancel mining claims and limit participation in the energy sector. [Ontario]

⚡️ Quebec launches energy efficiency strategy: Hydro-Québec is investing $10 billion to save 10% of all energy consumed in the province by 2035. It’s a shift for the province which has historically enjoyed abundant electricity. More provinces are investing in energy efficiency, including a $10.9 billion investment by Ontario. [City News]

BIG PICTURE

The world’s first low carbon ratings system for concrete and cement

What role will hydrogen play in the energy transition?

Tesla’s revenue craters and battery storage business hit by tariffs

Global EV sales up 29% in March

U.S. Green Building Council launches updated LEED v5 standards

China powers up a safer nuclear reactor

The UK’s Liverpool Bay carbon capture project gets the green light

Why did Spain and Portugal’s electricity grid fail?

COMMUNITY

🚀 Ocean AI 2025 Call for Proposals: Canada’s Ocean Supercluster is seeking innovative AI projects that drive growth, efficiency, and market expansion within the ocean sector. Apply by May 16th.

➡️ Discover more funding opportunities.

🗓️ Innovation & Investment Insider Tours: Join Invest Vancouver at Web Summit to meet directly with local cleantech companies actively seeking investment. May 26th, Vancouver.

➡️ Discover more climate events.

💻️ Peak Power is hiring an Energy Storage Sales Executive to lead and expand its Behind-the-Meter energy storage business.

➡️ Find more open roles.