Canada is missing out on green energy revolution, according to a recent report from Clean Energy Canada.
Private investment in green energy is growing, the report says. Last year more than $200 billion was invested in clean energy deployment, a figure not far off the $270 billion that was invested in fossil fuel power generation over the same period.
China, the US, and Japan lead the way. Canada’s investment of $6.5 billion in 2013 ranks seventh among G20 countries, up from 12th the year before.
“The clean energy sector is now very big business around the world. With almost a quarter of a trillion invested globally last year, this is no longer a ’boutique’ sector and Canada needs to take note of this rapidly changing industry,” says Merran Smith. “Canada’s clean energy sector has huge potential [but] the federal government could be doing much more to support the clean energy sector in Canada.”
According to Smith, Canada is “relatively well-positioned for success in the clean energy economy.” Analysis from McKinsey, done for Natural Resources Canada, found that our country has significant clean power potential. For example, we’re already the home of the world’s third-largest hydropower generation capacity.
The Clean Energy Canada report echoes an earlier report from the Global Commission on the Economy and Climate, which concluded that Canada can build economic growth while reducing climate change risks.