Montréal: The time is right to invest in clean technologies

Why is cleantech booming?

The momentum is undeniable. Since 2023, Montréal International has supported numerous cleantech and decarbonization projects. We’ve already welcomed projects worth a total of $267 million this year, and it’s not over yet!

Québec companies are early adopters of clean solutions. In fact, nearly one in three businesses reported using clean technologies in areas like water, energy, and waste management (Écotech, 2022). This adoption helps them remain competitive in a rapidly evolving market.

Canada ranks second in the world for cleantech attractiveness, according to the Global Cleantech Innovation Index (2024). Québec stands out with 400 innovative companies and 85,000 jobs in the sector.

Looking forward, Canada is committed to large-scale projects, including the development of our hydroelectric production capacity and boosting eco-friendly transportation options (for instance, Alto). These and other projects were underscored by Prime Minister Mark Carney in various announcements and the most recent federal budget.

Can you define “clean technology”?

Cleantech refers to any product, service, or process designed to assess, prevent, or reduce environmental impacts (Écotech). Key sectors include:

• Renewable energies (wind farms, solar panels)
• Energy efficiency (heat recovery systems, smart buildings)
• Green chemistry (eco-friendly manufacturing, bioplastics)
• Sustainable transportation (EVS, charging infrastructure)
• Water & waste management (advanced recycling, wastewater treatment)

Why choose Montréal for cleantech investment?

Here are the three most compelling reasons:

1. Unmatched (clean) energy costs

Québec’s electricity rates are nearly 50% lower than those of Toronto and seven times lower than New York’s. Over 99% of our electricity comes from renewable sources. Going forward, Hydro-Québec’s action plan includes major grid upgrades and an additional 8,000–9,000 MW of capacity by 2035, creating significant business opportunities.

2. Attractive financial incentives

Federal tax credits for clean electricity, cleantech manufacturing, and hydrogen are available. Provincial programs like Hydro-Québec’s efficient solutions cover up to 90% of eligible expenses for new equipment purchases or solutions to reduce our energy consumption.

Initiatives such as Technoclimat and Ecoperformance fund decarbonization projects.

3. A thriving ecosystem

Québec-based companies can benefit from the support of Écotech, Propulsion Québec, Réseau Environnement, the Secretariat of the Convention on Biological Diversity and other such organizations that foster collaboration across Québec’s ecosystem.

We are also fortunate to have numerous research centres, including the Innovative Vehicle Institute and HEC Montréal’s Chair in Energy sector management.

From left to right : Fernando Goñi Ochandorena (Embassy of Canada to Spain), Francisco Marin Ubeda (CT), Claudia Despins (Investissement Québec International), Jean-François Lupien (Investissement Québec International), David Prieto (CT), Gabriel Desbiens (Montréal International)

Insights from our travels to Europe

Our international outreach focuses on attracting new players to Greater Montréal and strengthening our position as a cleantech leader. Spain, for instance, is a dynamic market. At the CleanTech Forum, we met dozens of companies eager to explore opportunities here.

We also engaged with wind energy leaders to align investments with Hydro-Québec’s plan to expand wind capacity and develop a local supply chain. Plus, interest in green chemistry and battery technologies is growing – critical sectors for building a resilient, low-carbon economy.

From left to right: Claudia Despins (Investissement Québec International), Gabriel Desbiens (Montréal International), Alba Ortega (WSP), Jean-François Lupien (Investissement Québec International), Javier Bartolomé (WSP)

What about global uncertainty?

While many sectors are slowing down, cleantech remains a priority. Companies agree: the longer you wait, the higher the cost of adoption. Early decarbonization means long-term competitiveness.

Montréal offers an ideal environment to test and scale green technologies thanks to:

• A strong research ecosystem
• Structured government support
• A skilled talent pool

If you were given one single tool to strengthen Montréal’s cleantech industry, what would you pick?

A Climate Week in Montréal. Events like London Climate Action Week (45,000 attendees) and New York Climate Week (100,000 participants from 85 countries) show the impact of global gatherings. Montréal has everything it takes to host such a world-class event and cement its leadership in cleantech.

Bottom line: investing in clean technologies in Montréal means betting on competitive costs, an innovative ecosystem, and a sustainable future. The best time to act? Right now.