The agriculture and food sector will receive a $25 million investment from both the federal and provincial governments to expand production capacity and improve energy efficiency. This funding is part of the Agri-Tech Innovative Initiative, which aims to help farmers and processors invest in technology, equipment, or processes that will enable them to achieve these goals.
Lisa Thompson, Ontario Minister of Agriculture, Food, and Rural Affairs, emphasized the importance of keeping Ontario farmers and processors at the forefront of innovation. She believes that this program will drive efficiencies and greater production for both parties, ultimately leading to better cost of production and a positive impact across the entire value chain. This could potentially even provide savings for consumers.
The Agricultural Adaption Council will manage the application process on behalf of the Ontario Ministry of Agriculture, Food, and Rural Affairs (OMAFRA). The program will focus on raising awareness over the next few months before beginning to accept applications on February 15th in 2024. Projects with budgets up to $100,000 will be eligible for a cost-share of up to 50%, while larger projects will receive a 35% cost-share, up to $100,000. This significant financial support aims to incentivize innovation and sustainable practices within the agriculture and food industry.