New Green Economy plan

Our vision: We want to make Ontario the most attractive place to build and grow a green business.

We are taking a made-in-Ontario approach to the business of fighting climate change and capitalizing on the New Green Economy. This commitment to innovation will spur investments and good jobs in our province, while also contributing meaningfully to the global effort to save our planet.

The future of the global economy is green. By 2030, the global market for low-carbon solutions is expected to generate 65 million new jobs and $26 trillion in economic activity. We need to ensure that as many of these jobs as possible are created here in Ontario so we can lead the way to a greener planet and a more prosperous provincial economy.

The first step to building a New Green Economy is to create a robust domestic market for zero-emissions products, through our green transit and green vehicles plans. Then, we need to create the conditions to develop and manufacture these products in Ontario, for sale both within the province and around the world.

To become a global leader in manufacturing green products, we must make Ontario the most attractive place in the world to start and grow a cleantech firm. We also need to ensure our businesses have access to the skilled labour required to grow and create good jobs across the province.

Here's our plan:

Growing Industries with Green Jobs:

1. Reduce the corporate tax rate to 2.5% for businesses in the New Green Economy that develop technologies or manufacture products that have zero emissions. This new combined federal-provincial combined corporate tax rate of 10% will make Ontario the most attractive place on the planet to develop and manufacture the next generation of green technologies and help reduce emissions around the world.

2. Create a new $100 million a year stream of the Jobs and Prosperity Fund focused on the New Green Economy. This money will be earmarked to partner with businesses to enhance productivity, innovation and exports in the cleantech industry.

3. Introduce a small business venture capital tax credit specifically for cleantech to encourage early-stage venture capital investments in Ontario-made start-ups. This program will be similar to British Columbia's small business venture capital tax credit, a clean-tech specific program that would provide a 30% refundable tax credit, up to an annual maximum of $60,000 to small businesses investing in the New Green Economy. These investments would be made on a first-come, first-serve application basis, with a budget of $80 million per year.

4. In addition to our green transit and green vehicles plans, investigate ways to "green" Ontario's procurement policies to create a robust domestic market for the New Green Economy.

 

Connecting People with Green Skills:

5. Preparing our students and workers for the Green New Economy will require coordination across jurisdictions and sectors. We plan to partner with the federal government to align Ontario's skills, training and apprenticeship programs to their forthcoming Just Transition Act, so we can ensure workers in the New Green Economy have access to the skills and training they need to succeed in a transformed global economy.

6. Invest $170 million over three years into Ontario Apprenticeship Strategy, with a strategic focus on trades and programs that will help employers in the New Green Economy connect with workers.

7. We will help workers transition and thrive within the New Green Economy with targeted supports and investments into “lifelong learning” programs, including re-skilling and up-skilling programs. In order to do so, we will partner with businesses in shifting sectors and listen to industry needs so that workers and businesses can grow together.

8. Invest $63 million to create a one-stop-shop for employers, job seekers and workers to engage and learn more about the skilled trades. The New Green Economy cannot function without skilled workers. That's why we will revive the planned Ontario Training Bank to make it easier to train, hire, or progress in the skilled trades, with a focus on preparing for the New Green Economy.

9. The New Green Economy must be an inclusive economy. We plan to enact a strategy to increase the number of apprentices from traditionally underrepresented groups, including Indigenous persons, persons of colour, and women. This includes a Graduated Apprenticeship Grant to make it more affordable for businesses and journeypersons to help the next generation of tradespeople develop their skills.