QUESTION PERIOD — Innovation, Science and Economic Development
Canadian Innovation
November 18, 2025
Senator Moreau, Canada doesn’t suffer from a lack of innovation, but we do suffer from a lack of investment in derisking new technologies and accelerating the growth of new businesses.
Budget 2025 identified new strategies and funds primarily focused on existing financing mechanisms managed by public servants. With the exception of later-stage venture capital funding, there was no new investment directed towards organizations with proven private-sector expertise at a seed level. For example, we have globally leading incubators and accelerators that have pulled together the skills needed to grow highly innovative and globally competitive companies, but we have limited investment at this early stage, particularly in businesses building Canada’s low-carbon economy.
What is the strategy for ensuring that Canada catalyzes investment in future waves of innovative companies? Specifically, how is the federal government proposing to derisk private sector investment to grow Canada’s low-carbon economy?
I will give you an example. The Major Projects Office will allow the government to advance regulatory approval and coordinate financing to supercharge major project development in Canada.
Just last week, the government made announcements about the Ksi Lisims LNG project in B.C., which will become one of the world’s lowest-emission LNG operations when fully electrified, with emissions 94% below the global average. LNG is a key source of energy in the global energy transition, especially for trading partners who currently rely on coal — specifically for Germany, I have been told. The project is expected to attract nearly $30 billion in investment, create thousands of skilled careers and strengthen Canada’s position as a global LNG exporter.
Thank you. Your answer, Senator Moreau, actually made my point. There are some great things happening at the major project level, but I’m talking about the next generation of Canadian companies.
What steps is the government taking to ensure that early-stage, low-carbon technology companies can access the pre-seed and seed capital money to get growing and become venture capital ready? It’s that early-stage innovation that we need to support.
The government is committed to innovation in the field of low-carbon-emission energy, and those major investments made in major projects will probably bring that innovation to small companies as well because, along the way, they will be providers for those major projects that will come from small- and medium-sized enterprises.
