One of the five pillars of the Healthy Environment and a Healthy Economy climate plan, announced in December 2020, is a collection of actions focussed on clean and decarbonised industry, described as Building Canada's Clean Industrial Advantage. Announced initiatives to support low-carbon industry include:
- A Strategic Innovation Fund, with an investment of CAD 3 billion over five years, to finance decarbonization projects with large emitters and scale-up clean technologies.
- A Low-carbon and Zero-emissions Fuels Fund (CAD 1.5 billion) to increase the production and use of low-carbon fuels.
- An Emissions Reduction Fund (CAD 750 million) to support oil and gas companies investments to reduce greenhouse gas emissions.
- A Net-Zero Challenge for large emitters to support Canadian industries in developing and implementing plans to transition their facilities to net-zero emissions by 2050.
- The introduce of Canada’s Hydrogen Strategy, which sets out a path for integrating low emitting hydrogen across the Canadian economy, before the end of the year.