Commercial, Regulation, Sourcing Renewables - August 14, 2023
Canada Seeks Affordable Electricity With Draft Regulations
The Honourable Steven Guilbeault, Canada's Minister of Environment and Climate Change, in collaboration with the Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, announced draft Clean Electricity Regulations. The draft regulations are designed to help Canada achieve a net-zero electricity grid by 2035 by collaborating with provinces, territories, Indigenous partners, industry and others.
The country’s efforts to tackle climate change requires building a clean, affordable, and reliable electricity system to reach net-zero emissions by 2050. Details were published in a report called Powering Canada Forward: Building a Clean, Affordable, and Reliable Electricity System for Every Region of Canada.
Canada’s current electricity grid has over 84% of power generated from non-emitting sources like hydro, nuclear and wind. The draft regulations will ensure the remainder of the grid is decarbonized, which would lower GHG pollution by 340 megatons between 2024 and 2050.
The country is also providing over $40 billion in new tax credits and other major federal investments to spur economic opportunities through the construction of new power sources and retrofitting of existing plants. The federal government is working with provinces and territories to roll out this funding across Canada.
A 75-day consultation period will help inform the final regulations, which are expected in 2024.
“If we are serious about tackling the climate crisis, and we want to take full advantage of the opportunities in a clean economy, then it’s time we roll up our sleeves together and build the clean electricity grid of the 21st century,” said The Honourable Steven Guilbeault, Canada's Minister of Environment and Climate Change, in a statement. “A net-zero grid will serve as the basis for climate actions across the economy, like helping Canadians switch to electric transportation and heating, or the development of new and cleaner industries. The benefits, in terms of good jobs and clean air in our communities, are enormous. Our Government is committed to working closely with all provinces, territories, and partners on delivering the benefits of a clean grid in a way that ensures reliability and affordability to all Canadians.”
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