- CanREA believes that about 6.3bn is needed annually to decarbonise Canada’s Power sector by 2035 fully.
- The Association also proposes that grid upgrades be done on a regional rather than provincial scale to enable broader clean energy integration.
Trade group Canada Renewable Energy Association (CanREA) has told policymakers that the country would require about CA$8 billion (US$6.28 bn) worth of solar investments manually to fully decarbonise the electricity sector by 2035 and reach net-zero by 2050. CanREA has also has called on provincial policymakers to enact effective policies that will enable the addition of 1.6GW solar capacity annually. The Association believes that 1.6GW of solar and 3.8GW of wind capacity is needed to decarbonise Canada’s electricity sector fully.
CanREA’s Vision 2050 document titled ‘Powering Canada’s Journey to Net-Zero’ notes that Canada, which currently has only 3GW of solar capacity, would need about 47GW of solar capacity to reach net-zero by 2050. Decarbonising Canada’s power sector would be easier compared to many developed countries, as hydroelectricity currently provides about 59 per cent of the country’s electricity demand, with nuclear, solar and wind providing 15%, 0.5%, and 5%. CanREA also says that policymakers should incentivise clean energy roll-out and coordinate grid upgrades on a regional scale.