| Economic opportunities with existing clean energy technologies |
Date: January 31, 2024The energy sector is an important part of Atlantic Canada’s economy. The shift to net-zero emissions by 2050 will require significant new investment in clean energy and presents new business and economic opportunities. The latest report in our net-zero series examines the potential economic opportunities in Atlantic Canada associated with further development of three existing clean energy technologies: wind power, hydroelectricity, and natural gas. “Wind development, particularly offshore wind, presents the biggest economic opportunity for the Atlantic region out of all existing clean technologies,” says report author, Patrick Brannon, Senior Researcher. “Wind power will be a leading source of emission-free energy as we transition to net-zero.” We estimate that nearly $15 billion could be spent on onshore and offshore wind projects by 2030. This could lead to over $5 billion of spending in the region supporting these projects. However, the largest regional economic benefits would come from offshore wind. New hydroelectricity projects in our region are largely limited to Newfoundland and Labrador. These projects would generate large economic benefits if they move forward, but challenges remain to lessen risks around costs and regional integration. Natural gas is an important fuel that can support intermittent power like wind and solar, as it is a dispatchable source of energy. Blending natural gas with lower emission fuels, developing renewable natural gas and utilizing carbon capture and storage may extend the use of natural gas in the region beyond 2050. Developing gas resources in Atlantic Canada would provide the largest economic opportunity. “Governments need to define the offshore regulatory environment for wind without delay to ensure the region can benefit from these opportunities.” says Brannon. “Businesses need to explore a potential role in the supply chain for wind power and examine natural gas conversion in their operations” -30- To schedule an interview on this report, please contact: Erica Parrill
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