One year ago, the Canadian Net-Zero Emissions Accountability Act became law. The legislation commits the federal government to the ambitious goal of achieving net-zero greenhouse gas emissions by 2050. To meet its target, the government has called upon public and private stakeholders to join in this mission. Innovating and enabling the energy sector to meet these goals requires significant investment.
Canada has an impressive record of being the best-in-class energy provider in the carbon-based economy, but now needs to act boldly to attain that position in the low carbon economy. As global demands for green energy solutions persist, we have reached a watershed moment. Canada must become a destination for green energy investments, but to do so, Canada needs to foster a more appealing investment environment than it currently has.
Australia’s Clean Energy Finance Corporation and Northern Australia Infrastructure Facility offer low-cost debt to renewable projects at all stages of development. The creation of these bodies is a strong investment signal to the private sector, that can be a catalyst to securing strategic partners and offtake agreements. Canada needs to create similar agencies with this intent.
Canada is a country of innovation – and the energy sector is up to the challenge of creating a more sustainable future. Across the country industry leaders are reimagining how and where we can produce energy.