OTTAWA — Today saw the release of the International Energy Agency’s new Canadian energy policy review, the global agency’s first Canadian update since 2015. The lengthy report examines a number of issues relating to Canadian energy—both clean energy and fossil energy.
The report makes a number of key recommendations that are consistent with recommendations made by Clean Energy Canada. Notably:
- That Canada should model pathways to a net-zero 2050 (a commitment made only recently by the Clean Energy Regulator for next year). Among other things, this will allow Canada to better forecast our growing electricity needs over the long-term.
- That the federal government should look to strengthen interprovincial electricity connectivity and grid modernization.
- That emissions-intensive sectors such as transport, industry, and buildings should have energy efficiency targets.
- And finally, that Canada should increase funding for clean energy projects with an eye to building future export opportunities (for example, in clean hydrogen, low-carbon industries, and the battery supply chain).
With 2030 fast-approaching, Canada must not only meet its near-term targets but ensure our nation is prepared to achieve a net-zero future by 2050.
Canada has introduced a number of world-leading climate policies in recent years, but as the IEA’s own analysis concludes, “beyond projects already committed as of 2021, there are no new oil and gas fields approved for development” in a scenario where the world achieves net-zero emissions by 2050.
“Canada must prepare for a fast-approaching world where oil is no longer our largest export,” said Clean Energy Canada executive director Merran Smith. “The global investment community has realized this, and it’s time for Canada to do the same.
“Fortunately, a number of emerging and evolving industries are creating opportunities across numerous Canadian sectors and regions, from clean hydrogen, to electric vehicle manufacturing, to the battery supply chain. Getting a foothold in these growing markets today will help secure Canada’s long-term economic prosperity. Canada is blessed with skilled workers, access to capital, and abundant natural resources, but success tomorrow is being decided today.”
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