Clean Electricity Regulations are crucial to attract investment, make energy more affordable and fight climate change

Along with tens of billions in federal funding, the new regulations will help provinces build bigger, cleaner electricity systems to remain competitive and deliver an affordable, net zero energy future.

TORONTO, Aug. 10, 2023 /CNW/ - Jason Dion, the Canadian Climate Institute's Senior Research Director, made the following statement in response to the federal government's proposed Clean Electricity Regulations.

"The Clean Electricity Regulations announced today will be the cornerstone of a prosperous economic future for all Canadians. They will accelerate progress in fighting climate change while putting the country in a stronger position to attract new investment, create good jobs in growing sectors, and make energy more affordable.

"Clean electricity is already the most cost-effective power in Canada, even after accounting for its variability. And there are many ways to ensure the grid remains reliable as the share of wind and solar electricity grows, including flexible electricity demand, battery storage, and greater provincial interconnection.

"Our research finds most Canadians will save on energy bills as they switch from fossil fuels to clean electricity, with the average household spending 12 per cent less on energy by 2050 compared to today.

"A reliable supply of affordable, clean electricity is quickly becoming a competitive necessity for business—and demand is surging. Tens of billions of dollars are on the table to help provinces build bigger, cleaner, and smarter electricity systems. Now it's up to the provinces and territories to seize this opportunity and put credible, ambitious clean electricity action plans in motion.

"The reality of climate change has hit home this summer, with millions of Canadians experiencing wildfire smoke, flooding and extreme weather. Those experiences are creating a growing understanding that accelerating the transition away from fossil fuels is essential to slow global warming. Canada's future climate progress depends on clean electricity, and switching to 100 per cent non-emitting power will be a major part of our global contribution to lowering emissions.

"All the G7 countries have committed to net zero electricity by 2035, and the U.S. is doubling down on clean growth with substantial incentives and new regulations. Canada has a head start with its abundant, low-cost clean electricity, but there's a risk of squandering our lead unless we act quickly to capitalize on our advantages. Canada's electricity vision, with today's Regulations as a key part, will be critical to keep our economy competitive and prosperous into the future."

RESOURCES

Fact sheet: Clean electricity in Canada
Media statement from 8 August: Federal electricity vision an important framework for economic growth, jobs and affordability
Opinion: Four conditions for the new Clean Electricity Investment Tax Credit

REPORTS

The Big Switch: Powering Canada's net zero future
Clean Electricity, Affordable Energy: How federal and provincial governments can save Canadians money on the path to net zero

SOURCE Canadian Climate Institute

Janina Stajic, Senior Communications Specialist, Canadian Climate Institute, [phone], [email protected]