Investments in wind energy, solar energy, energy storage and electricity infrastructure can stimulate the economy and address climate change
Ottawa, Ontario, October 1, 2020 – The Canadian Renewable Energy Association applauds the Federal Government for its announcement today that the Canada Infrastructure Bank will allocate $2.5 billion to support investments in clean power projects over the next 24-36 months and beginning before the end of 2020. Investments will be targeted to support the generation, storage and transmission of clean power.
Canada’s massive untapped and cost-competitive wind and solar energy resources provide opportunities for investment, job creation and economic growth in all regions of the country, including Indigenous and remote communities. As Canada looks to strengthen its 2030 climate targets and move to net-zero carbon by 2050, new wind and solar energy will play a central role in both the decarbonization of Canada’s electricity grid and the expansion of electricity production required to support reduced use of fossil fuels in transportation, buildings and industry. Investments in energy storage and electricity transmission infrastructure are critical enablers that will facilitate the efficient integration and expansion of wind and solar energy within the electricity system.
Through the provision of low-cost and long-term capital, the Canada Infrastructure Bank can facilitate and accelerate the deployment of new wind energy, solar energy, energy storage and electricity infrastructure projects that will create jobs and investment in the short-term while reducing greenhouse gas emissions today and in the future.
The Canadian Renewable Energy Association looks forward to engaging with the Canada Infrastructure Bank on the details of this initiative and hopes to see new projects moving forward in 2020.
“By facilitating new investments in wind and solar energy, the Canada Infrastructure Bank can support investment, job creation and economic recovery while also supporting Canada’s efforts to meet its 2030 and 2050 greenhouse gas emission reduction targets”, said Robert Hornung, President and CEO of the Canadian Renewable Energy Association.
“The clean power investments envisioned by the Canada Infrastructure Bank in areas like energy storage and new electricity transmission infrastructure can provide a foundation that enables enhanced and sustainable growth in wind energy and solar energy over time,” said Jean-François Nolet, Vice-President, Policy, Government and Public Affairs of the Canadian Renewable Energy Association.
About the Canadian Renewable Energy Association (CanREA)
The Canadian Renewable Energy Association is the voice for wind energy, solar energy and energy storage solutions that will power Canada’s energy future. Our association works to create the conditions for a modern energy system through stakeholder advocacy and public engagement. Our diverse members are uniquely positioned to deliver clean, low-cost, reliable, flexible and scalable solutions for Canada’s energy needs. Our vision is to ensure wind energy, solar energy and energy storage play a central role in transforming Canada’s energy mix.
For more information or for interview opportunities, please contact:
Bridget Wayland, Director of Communications
Canadian Renewable Energy Association