Ottawa, March 2, 2023 – Canada urgently needs a comprehensive capital investment and energy transition strategy if it hopes to meet the federal government’s ambitious targets for greenhouse gas (GHG) emissions reductions, the Business Council of Canada (BCC) says.
“Canada can be a world leader in the energy transition,” says Goldy Hyder, the group’s president and chief executive officer, “but we need to act now with clear purpose and in partnership if we are to remain competitive and unlock our country’s full potential.”
In a report published today – Innovate, Compete and Win: A Roadmap for Canada’s Energy Transition – the BCC outlines a series of practical steps to cut emissions and position the country for long-term success.
The report offers recommendations to bolster global energy security, promote Indigenous economic reconciliation, expand Canada’s electricity grid, increase the supply low carbon oil and gas, capitalize on critical mineral reserves, and – most immediately – respond to the U.S. Inflation Reduction Act.
To encourage investment in low-carbon solutions, the report says, policymakers must ensure a stable and predictable regulatory environment. Noting that the Prime Minister, the Deputy Prime Minister, and the Minister of Natural Resources have all acknowledged the need to speed up approvals for low-emissions projects, the report recommends prioritizing projects that achieve one or more of the following:
- Enhance global energy security;
- Contribute to an overall reduction in global GHGs by allowing countries to reduce their use of more carbon-intensive fuels such as coal;
- Increase Canadian supplies of low-carbon fuels such as hydrogen, renewable natural gas, biofuels and uranium;
- Expand the electrical grid by enabling increased power transmission within and between provinces;
- Generate electricity from low-carbon or zero-carbon sources;
- Improve access to minerals that are critical to the energy transition;
- Advance the economic self-determination and success of Indigenous Peoples and communities.
“Our companies and policy makers proved during the pandemic that they could react with speed and dexterity, and that effective programs could be set up quickly and adapt to changing conditions and new information,” the report says. “We need that drive and that nimbleness now more than ever.”
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