Montréal is thinking differently to address the unprecedented impact of COVID-19 on the economy and people. Seeking a greener recovery, they are investing in a Circular Economy fund, giving support to social economy businesses, and reinventing economic development in their city.
Investing in a Circular Economy: In collaboration with the City of Montréal, Fondaction is preparing to launch a $30 million investment fund dedicated to a circular economy, a Canadian first, to support the economic recovery as well as the ecological transition in the metropolitan area. A circular economy is a "system of production, exchange and consumption aimed at optimizing the use of resources at all stages of the life cycle of a good or a service, while reducing the environmental footprint and contributing to the well-being of individuals and communities.” This new investment vehicle will finance and support innovative business models by integrating circularity principles, in particular to reduce greenhouse gas emissions or the production of residual materials. To begin, the fund is targeting the sectors that proved to be critical in Montréal during the pandemic, namely agri-food, waste management and sustainable mobility.
Support for Social Economy Businesses: The COVID-19 pandemic has created unprecedented challenges for social economy businesses in Montréal. Given the importance of these community organizations, the city is providing them with financial assistance, free advisory services, training and psychological support.
An Economic Recovery Plan: Montréal has implemented a recovery plan with twenty measures to support organizations, business owners and businesses in the Montréal agglomeration. The plan is the result of significant mobilization from Montréal’s business community and moves beyond a traditional recovery plan with three main objectives:
COVID-19 recovery requires many creative options and Montréal is working to not let this crisis go to waste. Investing in a green economy by reinventing their economic model is the way in which Montréal is building upon shifting worldviews to lift up their community and build toward a just and equitable future.
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