CMC / Foresight develop strategy to bring Canadian carbontech innovations to global marketplace
CMC Research Institutes is proud to announce it is partnering with Foresight Cleantech Accelerator Centre to develop what is likely Canada’s first International Business Development Strategy (IBDS) for the carbon capture, utilization, and storage sector.
When complete, the three-year strategy will be available to the public and will benefit small and medium Canadian enterprises looking to export their carbon capture and conversion innovations into international markets. The strategy will provide a forward-looking plan, including prioritization of key target markets, and a roadmap for how to approach and develop global market access for Canadian carbon capture, utilization and storage (CCUS) innovations. CMC received federal funding for the strategy through CanExport Associations.
“The IBDS will be used to increase awareness of Canadian CCUS sector capabilities, and growth of the foreign market share of Canadian CCUS businesses,” says Rachel Shin, CMC’s Senior Analyst, Strategy, Research and Stakeholder Engagement.
Strategy will support technology export
“Carbon capture, utilization, and storage is a major opportunity worldwide in our transition to a Net Zero carbon future. Canadian innovators are already producing novel products and technologies to support CCUS, but the domestic market is not large enough on its own” says Jeanette Jackson, CEO at Foresight. “This strategy will support the export of home-grown technologies abroad and enable Canadian businesses to effectively compete on a global scale.”
Shin agrees that the IBDS will help position Canada to become a global export leader for CCUS technologies and says CMC saw a need for a national strategy and moved to fill the gap.
“Traditionally, Canada does not get as much international investment and partnership exposure compared to other countries like the U.S.,” says Shin, adding “We heard from other stakeholders on the need for increased coordination and communication, so we decided to take on this project.”
CMC has strong sector connections
Developing the IBDS is part of CMC’s mission to accelerate the development and implementation of innovative, commercially viable greenhouse gas reducing technologies and processes for industry.
“We are the right organization to champion this plan because of our strong role in the CCUS sector in Canada. We have technical expertise and are well connected in this space, meaning we can help maximize the use of the IBDS among key stakeholders,” says Shin.
Both CMC and Foresight are excited to partner on the project. Says Jackson, “We are pleased to be working with CMC Research on this timely initiative and look forward to sharing the International Business Development Strategy in the months to come.”
As part of the project, CMC and Foresight will host a virtual launch event for the IBDS in March 2021. The event will have a keynote speaker to discuss challenges and opportunities in international CCUS collaboration. Event participants will also benefit from having breakout rooms and reverse pitches to delve more deeply into specific topics related to their industries.