(Ottawa – April 7) There is so much for the electricity sector to do to assist the Canadian economy to become Net Zero by 2050, and there is much that needs to happen to make our electricity grid ready for that in 2035.
The federal government’s 2022 budget has made significant strides toward helping bring about Net Zero:
- We applaud Natural Resources Canada for the Smart Renewables and Electrification Pathways Program to support additional renewable electricity and grid modernization projects.
- Investment in Small Modular Reactors and other technology is critical to making electricity providers less reliant on fossil fuel.
- Carbon Capture, utilization and storage is key to Canada realizing our net zero ambitions, especially in those regions that rely on fossil fuels for electricity generation. The refundable CCUS Investment tax credit will help make projects happen.
- Establishing an investment tax credit of up to 30 per cent for net-zero technologies, including battery storage solutions and hydrogen production will unlock investment.
- We need better safeguards regarding cybersecurity, and the Communications Security Establishment has received additional funding to protect Canadian businesses and infrastructure from the threats coming from foreign actors.
- Working with regional partners and stakeholders is critical and the $25 million to establish Regional Strategic Initiatives to work with provinces, territories and relevant stakeholders to develop net-zero energy plans is important to achieving this.
These are important steps, but we have much more to do. Canada’s electricity sector looks forward to working with the government, including through measures announced today, to identify a path and a plan to support decarbonization and build a net-zero electricity grid by 2035, only 5017 days away. The provisions in this budget are a good start. But they are only the start. We all need to move forward, faster.
- Francis Bradley, CEO Electricity Canada
About Electricity Canada
Electricity Canada members generate, transmit and distribute electrical energy to industrial, commercial, residential and institutional customers across Canada every day. From vertically integrated electric utilities, independent power producers, transmission and distribution companies, to power marketers, to the manufacturers and suppliers of materials, technology and services that keep the industry running smoothly -all are represented by this national industry association.
For additional Information:
Graeme Burk
Manager of Media Relations
burk@electricity.ca
613.809.0720