Climate Insider Brief:
- The offshore renewable energy sector in Canada, particularly in Nova Scotia and Newfoundland and Labrador, is poised to attract significant investments, with the global offshore wind market expected to reach one trillion dollars by 2040, creating thousands of jobs and new economic opportunities.
- The passage of Bill C-49, which amends existing agreements for offshore resource management, aims to unlock the potential of offshore renewable energy. This legislation supports safe and responsible offshore wind development, aligning with regional energy priorities and facilitating clean energy initiatives, including hydrogen production.
- The Canadian government is working closely with provincial governments to harness Atlantic Canada’s wind resources. Both Nova Scotia and Newfoundland and Labrador are moving forward with mirror legislation, and the successful implementation of Bill C-49 is seen as a vital step toward attracting investments and advancing the offshore wind industry in the region.
PRESS RELEASE – Ottawa, Ontario / October 03, 2024 – The offshore renewable energy sector presents a generational economic opportunity for Canada, with the global offshore wind market alone forecast to attract one trillion dollars in investment by 2040. Canada, in partnership with Nova Scotia and Newfoundland and Labrador, is working to seize this unprecedented economic opportunity and create jobs for Atlantic Canadians.
Today, Bill C-49: An Act to amend the Canada-Newfoundland and Labrador Atlantic Accord Implementation Act and the Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, received Royal Assent. Developed in partnership with the Government of Nova Scotia and the Government of Newfoundland and Labrador, this legislation will help unlock the enormous potential of offshore renewable energy, to generate thousands of jobs while attracting billions in investment and creating new economic opportunities in Nova Scotia and Newfoundland and Labrador.
By harnessing the world-class wind resources in the Atlantic offshore, we are positioning Canada as the leading supplier of clean energy, including the clean hydrogen countries like Germany are looking to buy, while continuing to decarbonize our electricity grids here at home. This legislation advances the priorities identified through the Regional Energy and Resource Tables in Nova Scotia and Newfoundland and Labrador, including seizing the opportunity clean energy presents.
The Government of Canada is working with the Governments of Nova Scotia and Newfoundland and Labrador to develop offshore renewable energy resources, enabling the provinces to capitalize on their existing strengths and accelerate offshore wind development safely and responsibly. Nova Scotia has already adopted mirror legislation, with Newfoundland and Labrador expected to do the same in the coming weeks.
Canadian workers and businesses are well positioned to seize the enormous economic opportunity clean energy presents, in Atlantic Canada and beyond. Today’s legislation underscores Canada’s commitment to deliver prosperity, create new clean energy opportunities, strengthen the economy, create thousands of jobs and better protect Canada’s environment.
Quotes:
“Bill C-49 enables Atlantic Canada to seize the generational economic opportunity presented by offshore renewable energy. It will strengthen the economy, enable the creation of thousands of jobs and attract billions in investments in Nova Scotia and Newfoundland and Labrador. These opportunities would not have been possible without the close collaboration of the Premiers of Newfoundland and Labrador and Nova Scotia, Andrew Furey and Tim Houston, and Atlantic Canada’s Members of Parliament, who fought and delivered for the people of Nova Scotia and Newfoundland and Labrador.”
The Honourable Jonathan Wilkinson
Minister of Energy and Natural Resources
“Bill C-49 is important to Nova Scotia meeting its offshore wind targets. Investors are lining up to harness our wind power and produce clean energy for green hydrogen and other uses. Now that this bill has passed, along with our own provincial mirror legislation, we are well on our way to developing our offshore wind industry hand in hand with our federal partners, starting with issuing our first call for bids next year.”
The Honourable Tory Rushton
Minister of Natural Resources and Renewables, Government of Nova Scotia
“Bill C-49 ensures the necessary measures are in place to support offshore renewable energy opportunities; allows for a fiscal regime that provides the maximum economic returns to Newfoundland and Labrador; and furthers joint management of the offshore area while building upon the extensive expertise the C-NLOPB has in managing offshore projects.”
The Honourable Andrew Parsons, KC
Minister of Industry, Energy and Technology, Government of Newfoundland and Labrador
“I was honoured to sponsor a bill of such significant economic and environmental importance to my province. I look forward to seeing the positive impacts of Bill C-49, as this historic bill presents a generational opportunity for Newfoundland and Labrador, Nova Scotia and Canada as a whole.”
The Honourable Iris G. Petten, Senator for Newfoundland and Labrador,
Senate of Canada
SOURCE: Natural Resources Canada
Featured Image: Credit: Canadian Government
