Net-zero isn’t possible without real investment

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. The shifting global energy landscape is creating opportunities. Domestically and abroad, governments and key decision-makers are reimagining energy dependencies and identifying solutions to transition to a cleaner economy. The private sector is investing in these new opportunities and creating innovative solutions. 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. Governments traditionally play a role in infrastructure investment at times of pivotal change. Australia presents a great case study for this. The Australian Renewable Energy Agency is equipped with an AUD$2.5-billion fund to advance renewable energy technologies towards commercial readiness. This federal fund is strongly supported by multiple state grant programs, such as Queensland’s Solar 150 Program, and New South Wales Pumped Hydro Recoverable Grants Program—both of which have been excellent drivers of public-private partnerships directly supporting Australia’s net-zero goals. 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. Integrating best practices from around the world will not only help Canada achieve its net-zero objectives, it will also diversify the economy, spur economic growth, produce world-class clean energy projects, and drive the creation of high-quality jobs in the clean energy and cleantech sectors. 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. In Alberta, Montem Resources' team is investigating how to convert an existing idled coal mine into a renewable energy complex that will include a 320 megawatt pumped hydro energy storage and a 100 megawatt green hydrogen electrolyser. The proposed Tent Mountain Renewable Energy Complex will store wind and solar energy, provide essential stabilizing services to Alberta’s electricity grid, and accelerate grid decarbonization. The green hydrogen production is planned to use renewable energy to convert sustainable, locally sourced water into the lowest carbon intensity hydrogen that can be produced. This project will revolutionize energy production in southern Alberta and will result in the permanent closure of a coal mine. Solutions like this represent the paradigm shift Canada needs to achieve its net-zero objective. To see these projects come to fruition, Canadian governments need to make seed investments like the Government of Australia is making. Local, provincial, and federal government officials must work with private sector partners so together, we can transform Canada’s energy sector. Cementing Canada’s status as a global clean energy powerhouse is possible. The private sector is investing, but we need all levels of government to commit to supporting the transition to achieve this ambitious goal by 2050. Peter Doyle is the managing director and CEO of Montem Resources Ltd. The Hill Times

Net-zero isn’t possible without real investment

Canada must become a destination for green energy investments and foster a more appealing investment environment than it currently has.

Canada’s budget missed a big inflation-fighting measure: energy efficiency

Environmental experts praise budget’s ‘transformational’ investments, but say feds still avoiding ‘a really honest conversation about the future of the oil and gas industry’

How to secure Canada’s low-carbon advantage in the global clean energy race

Canada’s budget missed a big inflation-fighting measure: energy efficiency

How can Ontario achieve net zero, with greater energy reliability and resilience? Roadmap to a clean energy future

Broadening access to digital services for Canadians through secure verification and authentication

Put security at the forefront as tech changes how Canadians connect with their money

Securing our North is a top priority for Trudeau government: Liberal MP Bryan May

No matter who forms government, oil and gas has won the Alberta election

On foreign interference, Poilievre wants to stir up scandal without knowing the facts

What if we rebuilt the curriculum for policing in Canada?

Feds’ sustainable jobs plan a good start, but too soft on emissions reductions, say environmental experts

Big growth in wind and solar in 2022, but much more needed to hit feds’ climate goals, say renewable energy advocates

Canada must be a leader in the race to net zero

Overcoming the challenges of the hydrogen sector

Renewable energy sector ‘going like gangbusters,’ say experts, but feds must handle just transition legislation with sensitivity

News

Get free news updates

Opinion

Submit a guest opinion article

resources

Advertise

subscribe

get help

Net-zero isn’t possible without real investment

Canada must become a destination for green energy investments and foster a more appealing investment environment than it currently has.

Get The Weekend Point of View Newsletter