SASKATOON, SK, Aug. 14, 2024 /CNW/ – Canadians are well aware that climate change is altering our world’s natural environment in a myriad of harmful ways. At the same time, it is increasingly clear that climate change is also rapidly transforming the global economy and global finance in ways that are creating significant opportunities for Canadian workers, businesses and Indigenous communities.
Increasingly, governments around the world are taking action. Our American friends are making massive investments in growing a clean economy through the Inflation Reduction Act (IRA). So are our European, Japanese and South Korean partners. And beyond democratic friends, competitors such as China are also moving aggressively and highly strategically to seize the major economic opportunities offered by the ongoing energy transition.
For Canada to seize the extraordinary opportunities being created by the transition to a net-zero economy, we must first accept the scientific reality of climate change and ensure that this informs and shapes Canada’s economic strategy.
Key economic opportunities are going to be different in different parts of the country. The federal government is working with provinces and territories, Indigenous partners, industry, labour, academic institutions and others to build on unique regional advantages and drive localized clean growth and wealth creation in every part of this country.
Today, the Honourable Jonathan Wilkinson, Canada’s Minister of Energy and Natural Resources, met with Indigenous leaders and key stakeholders in Saskatchewan’s business, labour and academic communities to initiate an engagement process aimed at collaboratively furthering key economic priorities of Saskatchewanians.
The potential economic opportunities associated with the transition to a low carbon economy are enormous for Saskatchewan. Opportunities of increasing demand are arising in various areas, including:
carbon capture and storage;critical minerals;clean fuels; andclean electricity generation.
According to Clean Energy Canada, Saskatchewan is projected to see some of the most significant growth rates in clean energy jobs by 2050 — about an additional 131,000 new jobs between now and mid-century.
Enhanced dialogue and collaboration will aid in the prioritization of federal actions and support in key resource and energy areas. These conversations will complement and help inform the Government of Canada’s work to implement the Framework to Build a Green Prairie Economy.
By recognizing where the world is heading and aggressively pursuing major areas of economic opportunity, we can ensure that Saskatchewan and Canada overall will prosper now and into the future.
Quote
“Active engagement with Indigenous partners, industry, labour and other important stakeholders is critical to building a low-carbon economy for the future that will be a prosperous one. Similar conversations are underway in every province and territory in this country as we look to not only fight the threat of climate change but also concurrently seize the massive economy opportunities of a low carbon future.”
The Honourable Jonathan Wilkinson
Canada’s Minister of Energy and Natural Resources
Quick Facts
Saskatchewan is increasing its solar and wind capacity and is projected to be one of Canada’s leaders in renewable energy growth.The Government of Canada has identified 34 critical minerals, 27 of which can be found in Saskatchewan. Mineral exploration expenditures in Saskatchewan hit a 10-year high in 2023, with uranium exploration leading the way, demonstrating the region’s high global attractiveness for investment (Saskatchewan Ministry of Energy and Resources Exploration and Development Highlights Report, 2023).Natural Resources Canada has been working with the Saskatchewan First Nations Natural Resource Centre of Excellence since 2023 to better understand First Nations interests and perspectives in the transition to net zero.The Government of Canada is investing in a clean economy for Saskatchewan, including:$29 million to the Saskatchewan Research Council to process rare earth elements here in Canada — a first of its kind. This work will help build a comprehensive supply chain for critical minerals in Canada.$100 million through the Strategic Innovation Fund to support BHP’s $7.5-billion project to develop its world-leading low-emissions potash mine. This mine, located in Jansen, Saskatchewan, is expected to generate the lowest direct emissions of any potash mine in the world. $74 million in federal funding for small modular reactor development in Saskatchewan, led by SaskPower. This funding will support pre-engineering work and technical studies, environmental assessments, regulatory studies and community and Indigenous engagement to help advance this important project.$300 million of federal clean energy funding was directed to the Wah-ila-toos partnership for clean energy projects in Indigenous, rural and remote communities in Canada.$10 million in clean energy support for Indigenous communities in Saskatchewan.The return of $174 million in pollution pricing proceeds to Saskatchewan for non-emitting electricity projects including new residential smart meters, improvements to rural electricity transmission system and refurbishment of the E.B. Campbell Hydroelectric Station.A $50-million-dollar investment in the Bekevar Wind Power Project in partnership with the Cowessess First Nation.$7 million in investments to Indigenous clean energy projects in Saskatchewan through the Smart Renewables and Electrification Pathways program.$3.95 million in funding for Shell Canada to install 79 electric vehicle (EV) chargers across 37 Shell retail locations along critical corridors between Alberta, British Columbia, Ontario, Manitoba and Saskatchewan.$18.5 million in the Indigenous-led Awasis Solar Project, a 10 MW solar power generation project to be built on Cowessess First Nations land.$21.6 million in funding to 14 Indigenous communities to help implement clean energy projects, with one community in Saskatchewan.
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SOURCE Natural Resources Canada
