MONTREAL -- The federal government and the province of Quebec are committing more than $690 million in an attempt to revive the aerospace industry in a post-pandemic world.
Prime Minister Justin Trudeau made the announcement in downtown Montreal Thursday alongside Quebec Premier François Legault. Other ministers were on hand for the announcement, including Minister of Innovation, Science and Industry François-Philippe Champagne, Minister of Economic Development and Official Languages Mélanie Joly, Quebec’s Minister of Finance and Minister of Economy and Innovation Éric Girard, President and Chief Executive Officer of CAE Inc. Marc Parent, President of Pratt & Whitney Canada Maria Della Posta, and President of Bell Textron Canada Ltd. Steeve Lavoie.
Trudeau announced the federal government will provide $440 million for the sector, and with an investment from Quebec, the total investment will total $693 million.
The funding will support operations at Pratt & Whitney, CAE, and Bell Textron Canada, and will create more than 12,000 jobs, the prime minister said.
The federal government also said approximately $250 million will support green technologies in Canada’s aerospace industry, as part of the Aerospace Regional Recovery Initiative.
“Today, we're investing to create good, well-paying jobs for our recovery. This investment will also secure the industry's long-term future in Canada, like developing green aviation projects and more clean technologies,” Trudeau said.
“Some of these technologies will take decades to develop. So there's absolutely no time to waste. And that's why we're here today.”
The prime minister has been making election-style announcements in Canada in recent weeks, fuelling more speculation the writ could be dropped after the summer.
GREEN TECHNOLOGY
Pratt & Whitney said with Thursday’s announcement, it will receive $163 million in federal-provincial funding. The money will go toward the company’s hybrid-electric propulsion technology and flight demonstrator program.
The new technology will enhance aircraft efficiency to reduce CO2 emissions by approximately 30 per cent, the company said.
The investment will “help put Canada's aerospace industry at the forefront of global efforts to make aviation more sustainable,” a company statement stated Thursday.
"With a long-time commitment to sustainability and as Canada's top aerospace investor in research & development, having invested $500M CAD annually, we are driving economic growth, innovation and workforce expertise to benefit the environment,” said president Maria Della Posta.
“Hybrid-electric technology has an important role to play in enabling the next step-change in efficiency for aircraft engines, and we are uniquely positioned to demonstrate this potential."
