Record-breaking investment in renewables could cement Canada as new clean energy superpower

The slated green energy plans could light, heat and cool all the homes in Toronto, Montreal and Vancouver combined. Canadian officials have announced plans for "the largest clean energy investment in North American history." A total of CAN$70 billion (€43.6 billion) is earmarked to massively enhance wind and hydropower generation in the eastern part of the country. While plans remain tentative, they mark a major effort to increase electricity production in the country. The agreement was made between Prime Minister Mark Carney's government and the provinces of Quebec and Newfoundland and Labrador If the project moves forward, Carney says the 14,000 megawatts of power generated would be "enough to light, heat [and] cool the homes in Toronto, Montreal and Vancouver combined", as well as supporting 23,000 jobs and contributing $31 billion (€19.3b) to Canada’s GDP through the early 2040s. It could also put a major dent in the country's planet-heating carbon emissions by reducing reliance on burning fossil fuels for energy. Already, around 80 per cent of electricity generated in Canada comes from non-emitting sources – primarily hydro, alongside nuclear, wind and solar – contributing to the country having the lowest residential electricity costs in the G7. Through a combination of clean economy tax credits, efficient project approvals, cooperation agreements with provinces and territories, and attractive financing, "We are making Canada the best place in the world to build and invest in clean energy," says Carney. A boost for hydroelectric power in North America The agreement includes plans to upgrade the Churchill Falls generating station while developing a new hydro project on Gull Island. Both sites are in Labrador, on Canada's Atlantic coast. Some of the new power generated would also be transmitted to Quebec, with utility Hydro-Quebec selling a significant amount of electricity into the northeastern United States. Importing more of Canada's hydroelectricity is seen by some as a key component to decarbonising the US electric grid, as well as improving energy reliability and cost for American consumers. But the initiative could be stalled within months. At the signing ceremony on Monday 17 August in Newfoundland, Quebec Premier Christine Frechette acknowledged that her political opponents, the separatist Parti Quebecois, could tear up the agreement if they win provincial elections in October, an outcome current polls suggest is likely. Renewables investment could boost energy security and lower bills Since taking office last year, Carney has been criticised by environmentally conscious groups who accuse him of betraying climate pledges backed by his predecessor Justin Trudeau. A member of Carney's cabinet resigned last year over plans to advance a new oil pipeline running from Alberta to the Pacific coast. Monday's announcement was however welcomed by the Canadian Climate Institute, which said it showed "the level of ambition needed to reach Canada's goal of doubling the electricity grid with clean energy". The group's president, Rick Smith, said that enhancing domestic clean energy supply will also "improve energy security and affordability in a time of volatile energy price swings".