The Canadian Renewable Energy Association applauds new Net-Zero emissions legislation

New federal legislation will ensure transparency and accountability in Canada’s efforts to achieve net-zero greenhouse-gas emissions by 2050.

Ottawa, Ontario, November 19, 2020 – CanREA applauds the Federal Government for introducing Bill C-12, An Act respecting transparency and accountability in Canada’s efforts to achieve net-zero greenhouse gas emissions by the year 2050.

“Enshrining Canada’s net-zero emissions target in legislation, with interim targets for 2030, 2035, 2040 and 2045, will provide investors in the renewable-energy and energy-storage sectors with increased confidence about future investment opportunities in Canada at a time of intense global competition for investment in these sectors,” said Robert Hornung, President and CEO, Canadian Renewable Energy Association.

“What’s more, the requirement for regular and transparent reporting on progress against these targets will ensure that investors are well informed about the nature of the opportunities and can make better investment decisions,” Hornung added.

Canada is one of a rapidly growing number of countries that have made a commitment, consistent with climate science, to net-zero GHG emissions by 2050.

Wind energy, solar energy and energy storage will have a critical role to play in Canada’s achievement of this commitment, as a net-zero outcome will require the decarbonization of the electricity grid and significantly increased electricity production to substitute for fossil fuels in transportation, buildings and industry.

Wind and solar energy’s low and still-declining costs have led Bloomberg New Energy Finance to conclude that their share of global electricity production will increase from 9% today to 56% by 2050, further enabled by the rapidly declining costs of many energy-storage technologies.

CanREA and its members look forward to working with the Federal Government to make Canada’s net zero commitment a reality in the years ahead.

Quotes

“Enshrining Canada’s net-zero emissions target in legislation, with interim targets for 2030, 2035, 2040 and 2045, will provide investors in the renewable-energy and energy-storage sectors with increased confidence about future investment opportunities in Canada at a time of intense global competition for investment in these sectors. What’s more, the requirement for regular and transparent reporting on progress against these targets will ensure that investors are well informed about the nature of the opportunities and can make better investment decisions.”–Robert Hornung, President and CEO, Canadian Renewable Energy Association

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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. We work 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.

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For more information or for interview opportunities, please contact:

Anastasia Smolentseva, Communications Manager

Canadian Renewable Energy Association

613-857-3359

[email protected]