Over the next few years, accelerating efforts to reduce global greenhouse gas (GHG) emissions will lead to a restructuring and rapid transformation of the Canadian economy. The provinces that have taken the lead will experience an era of prosperity; others who are late are exposed to great upheavals. Le Québec is already well positioned to face this crucial turn. He is already among the leaders in the country, he said a new study by the Canadian Climate Institute published a few days ago.
Funded para Environment and climate change Canada, brings together experts in climate change adaptation and mitigation, economics, natural and social sciences, public policy, energy systems, Aboriginal knowledge, and engineering. general manager ofOuranos, Alain Bourqueis part of it.
In 2021, the Climate Institute of Canada produced another high-profile report, “It’s Happening or It’s Breaking,” in which it stressed that the global transition to carbon sobriety is needed to avoid the worst effects of climate change. Extreme weather events across the country since last year have demonstrated.
This turnaround already has positive consequences for pay. In British Columbia, the establishment of more rigorous codes has helped to create a market for cutting-edge construction technologies. After suspending admission to the oil and gas engineering program in 2021, University of Calgary is now launching a new program in sustainable systems engineering.
However, other provinces have taken a step back at some levels. Ontario cancels carbon cap and exchange program or Alberta closes Alberta Energy Efficiency. There is a huge risk in making this kind of choice: investors are beginning to be wary of climate-dependent markets, ”the Institute said.
Regardless of fluctuations and short-term uncertainty, including the war in Ukraine, there will be a decline in demand for fossil fuels and pollutants and an increase in demand for clean energy and technology. “For the provinces against these global trends, the battle is lost in advance: growth will be unattainable for them, especially if growth is faster than expected,” said Canadian experts.
Not all Canadian provinces are at the same stage in terms of carbon neutrality: some are already a long way ahead and others have just come in and are late. The report identifies the four leaders of this transition in Canada: Quebec, British Columbia, Ontario and Alberta.
Three others are showing signs of transition: Manitoba, Nova Scotia and New Brunswick.
Saskatchewan, Prince Edward Island and Newfoundland and Labrador are just taking their first steps.
Quebec in good posture
The 2022 study entitled “The Possibilities of the Carbon Transition: An Interprovincial Comparison” paints a picture of Quebec in a good position to seize the opportunities of the carbon transition. The province is rich in natural resources, its electricity is the cheapest and cleanest in Canada, and it is a major investment.
Experts from the Canadian Climate Institute have identified several areas in Quebec:
- La province has 133 companies porteuses de transition, headquartered in the province, which hold investment assets in these sectors. Many of them live outside the Greater Montreal region.
- It has an ecosystem of active venture capital, innovative public investment and private financial institutions with green finance investment strategies. Depending on the relative size of the provincial economy, le Québec is a national champion of the amount of private investment for businesses engaged in this transition.
The province has some of Canada’s largest low-carbon transportation companies that care about large-scale investments. The study cites the manufacturer of electric buses and trucks as an example Electric lionthe manufacturer of electric all-terrain vehicles Taiga Motors et Add Energyan operator of charging networks for electric vehicles.
Quebec has other master cards in its game. In addition to its electricity, it has a mature mining sector supported by a provincial plan to enhance its critical and strategic minerals: lithium, graphite, cobalt, platinum elements, rare earth metals, niobium, titanium and vanadium; it already has the status of a leader in battery storage and low-carbon transportation technologies; several renowned research centers workers on innovation and their own technologies.
Often potential obstacles
However, while it has major strengths, Quebec also faces obstacles. The authors add two conditions: the province must ensure the inclusion of rural and local communities in these growth opportunities and to counteract the loss of staff, it must defend the perfection and formation of the main work. supports the transition to this new economy and its industries.