Legislation to unlock the ‘enormous potential of offshore renewable energy’ has received Royal Assent in Canada.
Canada is working with the states of Nova Scotia and Newfoundland and Labrador to develop offshore renewable energy resources, enabling the Atlantic coast provinces to accelerate offshore wind development.
The offshore renewable energy sector presents a generational economic opportunity for Canada, with the global offshore wind market alone forecast to attract one trillion dollars in investment by 2040, according to the country’s government.
The measures contained in the Bill C-49 are also expected to generate thousands of jobs while attracting billions in investment and creating new economic opportunities in Nova Scotia and Newfoundland and Labrador.
This legislation advances the priorities identified through the Regional Energy and Resource Tables in Nova Scotia and Newfoundland and Labrador, including seizing the opportunity clean energy presents.
Nova Scotia has already adopted mirror legislation, with Newfoundland and Labrador expected to do the same in the coming weeks.
Minister of Energy and Natural Resources, Jonathan Wilkinson, said: “Bill C-49 enables Atlantic Canada to seize the generational economic opportunity presented by offshore renewable energy.
“It will strengthen the economy, enable the creation of thousands of jobs and attract billions in investments in Nova Scotia and Newfoundland and Labrador.
“These opportunities would not have been possible without the close collaboration of the Premiers of Newfoundland and Labrador and Nova Scotia, Andrew Furey and Tim Houston, and Atlantic Canada’s Members of Parliament, who fought and delivered for the people of Nova Scotia and Newfoundland and Labrador.”