Canada has a major opportunity to attract up to $200 billion in clean energy investment over the next decade, according to the Canadian Renewable Energy Association. In its report, Watts at Stake, CanREA highlights Canada as a strong destination for renewable energy, thanks to its natural resources, stable policy environment, and growing electricity demand. That demand is expected to rise significantly due to industrial electrification, population growth, data centres, and expanding sectors like mining and manufacturing.
“Canada needs more wind, solar and energy storage to power our future, and the fundamentals to attract investment are already in place,” said Vittoria Bellissimo, CanREA President and CEO. “These technologies are among the most affordable, fastest to deploy and scalable ways to build new electricity supply, and they are essential to growing Canada’s economy.”
To meet this demand, Canada will need to rapidly scale up its energy infrastructure. That means adding between 54 and 88 gigawatts of new wind, solar, and energy storage capacity. This would more than triple current levels and require sustained investment of about $20 billion per year. While Canada already has a solid foundation, the CanREA report stresses that future growth depends on how efficiently projects can move from approval to construction. They say Canada has a lot of work to do and a long road ahead.
The biggest challenge is the slow pace of approvals, permitting, and grid connections. Delays are increasing costs and making investors hesitant, especially as timelines become less predictable. CanREA points to countries like China as proof that faster, coordinated development can drive massive growth. For Canada to stay competitive and capture this investment, all levels of government will need to streamline processes and ensure projects can move forward quickly and reliably.
Read the report – https://renewablesassociation.ca/report-canada-poised-to-capture-up-to-200b-in-clean-energy-investment-but-has-work-to-do/