The Prospera Economic Barometer - To sustain its prosperity, Québec must fast-track its energy transition

MONTRÉAL, June 3, 2024 /CNW/ - Québec continues to consume more energy per capita than Ontario even though it is the country's leading producer of electric power and its total energy demand is less than Ontario's. Improving energy efficiency and making better use of resources are requirements for sustaining Québec's economic viability.

This is one of the conclusions drawn from the 2024 edition of Prospera, Québec's Economic Barometer, powered BCF Business Law and Quadrat Conseils. This economic report tracks 28 variables in efforts to identify key economic trends.

Focusing on these variables, Prospera assesses the developments that have defined the economies of Québec, Ontario, and Canada as a whole over the past four decades. Its conclusions provide guidance for discussions regarding the effectiveness of public policies in Québec and the rest of the country. Interestingly, the Barometer reveals that Québec's economy ranked first in 2022 with a score of 132.3, ahead of the country as a whole at 129.1 and Ontario at 125.4.

"This year, once again, Québec has stood out and topped economic rankings. The province has demonstrated its sustained economic performance, in large part thanks to three key factors: investment, growth, and human capital," states Quadrat Conseils founder and President Alain Robichaud, who designed the Barometer.

The Prospera Barometer's 2024 edition also focused on two variables to tease out insights regarding Québec's energy transition, namely, energy demand and energy efficiency.

1)  Sufficient energy capacity

Québec possesses significant energy-production capacity, due mainly to its hydroelectric power plants. In 2019, it led all provinces in electricity-production capacity, with its hydroelectric facilities generating 94% of total output. According to Statistics Canada forecasts, the province's present capacity is sufficient to meet its energy demand in the short term.

"Québec must be proactive if it is to maintain its economic vitality and achieve its energy, environmental, and economic sustainability aims, for the sake of future generations," points out economist François Delorme, who is the Barometer's lead author.

2)  Energy inefficiency, however, stands in the way of Québec's aspirations

Overcoming energy inefficiency is a major challenge for Québec. In 2021, the Barometer found, once again, that nearly half of the province's energy was squandered, adding no value to the economy. The main culprits in this regard were the following sectors: transportation (34%), industry (23%), and construction (15%).

To cut these losses significantly, the report's authors recommend that Québec target the least efficient of these sectors, namely, transportation. Various solutions would help in this regard, including stricter standards or tax measures designed to reduce fuel consumption and deter the purchase of fuel-inefficient vehicles and introducing car-pooling, public-transit, and active-transport incentives to curb consumers' energy requirements.

Toward a stronger economy

"We are truly committed to meeting the needs of Québec entrepreneurs, now and in future, by providing guidance and practical support to enable growth and success. Achieving this requires forward-focused vision and immediate action so as to build a sturdy foundation for facing the challenges ahead. And so we've teamed up with Quadrat Conseils to create the Barometer, which was purposefully designed as a useful tool for the business world's toolbox," sums up Julie Doré, Managing Partner and Lawyer at BCF Business Law.

Québec's economy is thriving, but there are challenges to overcome. Bolstering employment, strengthening education, improving energy efficiency, fostering energy-efficient technology and solutions, and driving investment are the top priorities for sustaining the province's momentum and vitality.

The Barometer, which relies on a methodology used by many of Canada's leading economic institutions, was approved by a committee of recognized economic experts.

Download the 2024 edition of Prospera, Québec's Economic Barometer in full.

About BCF Business Law

With more than 520 employees, including 270 professionals, BCF Business Law is the go-to firm for business leaders, entrepreneurs, growing businesses, and global companies that have opted Québec or other Canadian locations as a springboard for their growth. Driven by its entrepreneurial spirit, BCF Business Law has distinguished itself as the only law firm to rank among Canada's Best Managed Companies every year since 2007.

About Quadrat Conseils

Thanks to more than 25 years of experience advising senior executives, Alain Robichaud has acquired widely acknowledged expertise in strategic management and leadership development. Working closely with leaders and their organizations, he has applied his proven approach to align senior management, executive teams, and the board of directors. It is this alignment – which boosts their ability to overcome challenges – that enables organizations to achieve their full value.

Accordingly, Quadrat, his consultancy firm, advises some of Québec's leading organizations. From transformation and organizational and cultural design to strategic planning and change management, Quadrat operates in multiple areas, including IT, financial services, and media and in both the public and private sectors.

SOURCE BCF Business Law

Etienne Collins, Director, Public Relations [email protected], [phone]