| Investment opportunities for transformational change in Atlantic Canada’s economy |
Date: February 13, 2024FOR IMMEDIATE RELEASE The Atlantic Economic Council today released its latest research report The Potential for New Infrastructure Projects to Support Sustainable Growth in Atlantic Canada. The report identifies opportunities for investment in three key sectors which could accelerate growth in the region’s economy – hydrogen and clean fuel, critical minerals, and trade and transportation. “Several factors are driving investment opportunities in Atlantic Canada." says report author, Patrick Brannon, Senior Researcher at the Atlantic Economic Council. “This includes the transition to net-zero emissions, a growing population, shifting global trade and climate change adaptation.” Project developers are exploring the potential to produce green hydrogen and other clean fuels with scope for export and use in the regional economy. Atlantic Canada has some of the best wind resources in the world to power the renewable energy needed to produce green hydrogen. One of the largest gaps facing the critical minerals sector is access to enabling infrastructure such as roads, clean power generation and transmission lines in remote areas. The Council identified critical mineral projects in a report in 2023 that could lead to several billion dollars of construction activity and thousands of jobs in the region. Improvements in transportation and trade networks will benefit Atlantic Canada, but also Central Canada. The region needs a more efficient, lower emitting and climate resilient transportation system to take advantage of opportunities in shifting global trade. In advancing major infrastructure projects, proponents often face challenges with the affordability and the level of risk inherent within them. Additionally, the high cost of construction, delays in finalizing fiscal incentives and need for more robust enabling infrastructure must be overcome. The report points to the role of organizations such as the Canada Infrastructure Bank (CIB) which could facilitate blended finance to advance critical infrastructure projects across Atlantic Canada. This research was funded by the CIB. “Atlantic Canada has tremendous potential for investment and growth,” added Ehren Cory, CEO of the Canada Infrastructure Bank. “As an impact investor focused on balancing risk with positive outcomes, we help get more built and quicker. We look forward to continuing to advance projects across the region, driving economic growth and climate change action.” Creating an environment with the right mix of public and private investment along with government policy will play an important role in ensuring infrastructure projects move ahead. The region can also leverage its strengths including resource availability and geographic location to take advantage of global economic opportunities. Key Takeaways · There is a critical need for infrastructure investment driven by: the region’s traditional reliance on fossil fuels for energy production, a growing population, strategic location on major trading routes and need for powerful climate adaptation solutions. · The report outlines opportunities in hydrogen and clean fuel, critical minerals, and trade and transportation to propel Atlantic Canada’s economic growth and transition towards net-zero. · Public, private, and blended financing partnerships will play an important role in ensuring infrastructure projects move ahead.
-30- To schedule an interview on this report, please contact: Erica Parrill
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