Canada's new space race aims to cut US reliance and unlock $40 billion [Wealth Professional (Canada)]
Royal Bank Of Canada (RY)
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Source: Wealth Professional
Canada is racing to build a “sovereign way to space” that officials say could unlock a $40bn commercial industry and cut the country's reliance on US rockets and regulation. According to Reuters , the federal government has unveiled draft legislation that would let Ottawa regulate and oversee commercial space launches and re-entries from Canadian soil, ending Canada's status as the only G7 nation without launch capabilities. Government officials said the bill is designed to support investment and infrastructure development while reducing dependence on the United States. CBC News reported that Transport Minister Steven MacKinnon introduced the Canadian Space Launch Act, or C-28, which he said would give Canada its own “sovereign way to space.” He told MPs that Canada is the only G7 country without domestic space launch capabilities and now depends mainly on the US to put Canadian satellites into orbit. He said this dependence discourages investment, causes costly delays and
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