Ottawa unveils $350 million fund to support green tech in aerospace
June 19, 2023 | By The Canadian Press
PARIS – The federal government says it will invest nearly $350 million to support decarbonization of the aerospace industry.
In an announcement at the Paris Air Show on Monday, Industry Minister Francois-Philippe Champagne said the cash will flow to a new fund dubbed the Initiative for Sustainable Aviation Technology.
The goal is to foster a national network overseen by an industry-led board that backs collaborative research and development projects ranging from aircraft architecture to sustainable fuel.
The board’s interim chairman Walter Di Bartolomeo says it is the sector, rather than Ottawa, that will determine the most promising projects for sustainable aviation.
The government says the rollout is a direct response to the main recommendation to emerge from recent consultations led by the Aerospace Industries Association of Canada.
Pressure around green innovation is mounting on the aviation sector, which is responsible for two per cent of global greenhouse gas emissions, according to the International Energy Agency.
