However, it has imposed a number of conditions, including a cap on the BBC's spend on the venture.
The joint project, which counts the BBC, BT, Five, ITV, Channel 4 and TalkTalk as partners, aims to promote a common technology standard that would allow viewers with a broadband connection to watch on-demand services, such as the BBC iPlayer, on their TV sets.
The partners plan to form a new joint venture to develop the technical specification for internet-delivered TV, and to create and market a new consumer brand, build a common user interface and build the technology platform.
The Trust is proposing certain conditions on the BBC's participation, to "lessen any adverse impact Canvas might have on the wider market, where possible".
These include a proposal that the BBC must seek BBC Trust approval if the annual cost of the corporation's involvement in Canvas exceeds (or is expected to exceed) current stated costs by more than 20% in any one year.
In addition, the Trust wants the BBC and its Canvas partners to engage with the wider industry. To help achieve this, it wants Canvas to publish the core technical specification well in advance of the planned Canvas launch date, in order to provide sufficient opportunities for the widest range of manufacturers to adapt to the Canvas core technical standards, should they wish to do so.
Further, it wants to ensure that Canvas remains predominantly free-to-air, offering by ensuring this "is enshrined in the objects and shareholders agreement of the Canvas joint venture".
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