Canada is ranked 1st country in the world excluding Nordics in the Global Cleantech Innovation Index 2017, gaining 3 positions compared to the 2014 Index.
CanadaCleantech applauds the overall ecosystem efforts to achieve this position, especially the general drivers to innovation such as Government effectiveness to promote the development of the private sector, and the amount of funding available (especially venture-capitalist and Late-Stage investors). To be able to gain a few more positions in the coming years, Canada yet needs to become a stronger cleantech commercializer, which will lead to more exports and more jobs.
As expected, and consistent with the 2014 index, there is a positive correlation between inputs to innovation and outputs for innovation. Countries that are facilitating investment in innovation, either through public R&D, cleantech-friendly policy, or other inputs measured, tend to also reap benefits from commercialisation of cleantech companies.
Highlights of the report - Canada's ranking:
Ranked 4th overall in the 2017 index, Canada gained 3 positions compared to the 2014 index. The top 3 is held by Denmark, Finland and Sweden where the numbers and amount of cleantech funds have particularly increased.
3rd position in “Inputs to Innovation”
What truly distinguishes it is its score for early entrepreneurship: 2nd overall
3rd position in “General Innovation Drivers” (General innovation inputs and Entrepreneurial culture)
4th position in “Cleantech-Specific Innovation Drivers” (Government policies + Public R&D spending + Access to private finance + Infrastructure for renewables + Cleantech industry organisations)
Canada scores high for the number of cleantech funds, and even ranks 1st for the amount of funding available.
Canada is a joint top-scorer for the amount of venture capital investment, together with three other countries in the Index, while also having many companies in the Global Cleantech 100. Late-stage investment is well established in Canada, with the country ranking high for public cleantech companies and M&A activity.
4th position in “Outputs of innovation”
4th position in “Evidence of Emerging Cleantech Innovation” (Early-Stage private investment + High impact companies + Environmental patents)
6th position in “Evidence of Commercialized Cleantech Innovation” (Cleantech Imports and Exports + Renewable energy consumption + Late-Stage investment and exits + Listed cleantech companies + Employees)
“Cleantech innovation conversion rate”: Germany, Singapore and South Korea are the most efficient producers of output (commercialized cleantech) from their measure of inputs (incl. Government funds). Canada ranks 8th position; having a lower conversion input can mean that the country either: 1) requires high levels of input to achieve its level of outputs, or 2) the country has more cleantech commercialisation potential to realize in the coming years.
The key contributing cleantech specific drivers include the amount of capital raised by cleantech funds and the number of cleantech organizations. Canada counts only a few cleantech organizations and clusters.