September 27, 2023 Paris, France Natural Resources Canada
In the global shift to net zero by 2050, carbon management technologies are increasingly becoming an essential tool to support the decarbonization and competitiveness of Canada's economy, including the cement industry, chemical production, and iron and steel, which together account for over 10 percent of Canada's emissions.
Independent experts from the International Energy Agency (IEA) to the International Panel on Climate Change (IPCC) have recognized the important role that carbon management technologies will play in the global energy transition. The IPCC has stated that the deployment of carbon management technology must scale up rapidly by 2050 in order to avert the worst impacts of climate change. Similarly, the IEA released its new Net Zero by 2050 Roadmap yesterday, which shows that carbon management technologies, alongside hydrogen and sustainable bioenergy, are a critical part of how we achieve net-zero emissions and that rapid progress is needed by 2030.
In this context, today, the Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, released Canada's Carbon Management Strategy at the International Energy Agency in Paris, France. The strategy articulates the role of carbon management in Canada's path to a prosperous net-zero economy and the federal actions that are being taken to support the development and deployment of world-class carbon management technologies in Canada. The Strategy specifically outlines five key priority areas for the Government of Canada to promote a competitive and robust carbon management industry:
● accelerating innovation and research, development and demonstration (RD&D);
● advancing predictable policies and regulations, including Canada's economy-wide carbon pricing system;
● attracting investment and trade opportunities;
● scaling up projects and infrastructure to meet the evolving capacity needs of the carbon management sector; and
● building partnerships and growing inclusive workforces.
In a globally competitive sector, with an estimated 570 carbon management projects in operation or development, Canada has already established itself as a first mover and leader in the global carbon management sector, with five of the world's first large-scale projects, cutting-edge innovators and start-ups, early investments in RD&D, deep technical expertise, a robust policy and regulatory environment at federal and provincial levels, and active international collaboration.
The Strategy released today articulates the steps that the Government of Canada has taken in this area and key next steps to capitalize on the progress that has been made to date.
This Strategy builds on more than a year of significant engagement led by the Government of Canada with a diverse range of groups, including provincial and territorial governments, Indigenous organizations, industry, technology innovators and adopters, infrastructure stakeholders, academia, environmental non-governmental organizations, the finance community and other interested Canadians, with the goal of reflecting the various opportunities that carbon management technologies offer across regions and industrial sectors.
The Government of Canada recognizes that the broad suite of carbon management technologies used to mitigate climate change are not a silver bullet but rather represent an essential tool within a broad suite of measures to reduce emissions - including significantly scaling power from renewables, nuclear, hydrogen and biofuels alongside measures to enhance energy efficiency and electrify transportation, industrial processes and building heating. The Government of Canada continues to actively pursue many avenues to reduce emissions across regions and sectors while unlocking low-carbon economies opportunities on the path to net zero by 2050.
