The unstoppable growth of electricity-powered technologies seriously threatens the electrical grid’s capacity to support it. Apart from the common home appliances such as heat pumps, electric vehicle emergence has intensified Canada’s electricity demand.
Therefore, improving the electrical grid to offer a sustainable, reliable, and affordable supply of power is crucial to ensure the future of these technologies.
More importantly, it will enable the Canadian Government to address the long-standing problem of climate change and hit its 2050 net-zero emissions target.
Draft regulations details
The local government of Canada announced Thursday the draft Clean Electricity Regulations to aid the country in reaching its goal of having a 100% green electrical grid by 2035.
It noted that the Canadian electricity grid already sources its energy from renewable resources like hydro, nuclear, and wind by more than 84%. The draft regulations aim to further decarbonize the remaining percentage. As a result, it will eliminate more than 340 megatonnes of CO2 emissions from 2024 to 2050.
It also recently released the “Powering Canada Forward: Building a Clean, Affordable, and Reliable Electricity System for Every Region of Canada” report. It demonstrates Canada’s acknowledgment of the need to immediately and substantially improve its electricity industry as it will offer great economic prospects.
“The potential of hydrogen, renewables, nuclear, biofuels, critical minerals, batteries, electric vehicles, green steel and aluminum, decarbonizing conventional energy resources, and more, draw on Canada’s tremendous advantages and can attract investments and create jobs and economic prosperity in every region of Canada for decades to come. Enormous economic opportunities exist for countries, provinces/territories, and companies that are strategic and bold.”
Canadian Government said in a statement
All that said, the federal government is allocating over $40 billion in new tax credits along with more federal subsidies to develop new electricity sources and renovate old plants. It is currently collaborating with Canadian provinces and territories to distribute this enormous funding to facilitate affordable and sustainable electricity nationwide.
See Also:
- Electrify Canada expands EV charging network in Quebec, Canada
- Canada to offer billions in incentives to Stellantis and LG for a new EV battery factory
- Tesla, Canada partner to open Superchargers to non-Tesla electric vehicles
- Canada’s social carbon price is $85 billion more than oil and gas revenues
- Canada: Best Home EV Chargers in 2023
Canada’s efforts in ensuring that it can efficiently support the growing demand for electricity are indeed remarkable. It allows provinces and territories to develop their own technological resolutions to effectively revolutionize the country’s electricity resources.
