OTTAWA, ON, Oct. 3, 2024 /CNW/ - 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. Canada, in partnership with Nova Scotia and Newfoundland and Labrador, is working to seize this unprecedented economic opportunity and create jobs for Atlantic Canadians.
Today, Bill C-49: An Act to amend the Canada-Newfoundland and Labrador Atlantic Accord Implementation Act and the Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, received Royal Assent. Developed in partnership with the Government of Nova Scotia and the Government of Newfoundland and Labrador, this legislation will help unlock the enormous potential of offshore renewable energy, to generate thousands of jobs while attracting billions in investment and creating new economic opportunities in Nova Scotia and Newfoundland and Labrador.
By harnessing the world-class wind resources in the Atlantic offshore, we are positioning Canada as the leading supplier of clean energy, including the clean hydrogen countries like Germany are looking to buy, while continuing to decarbonize our electricity grids here at home. 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.
The Government of Canada is working with the Governments of Nova Scotia and Newfoundland and Labrador to develop offshore renewable energy resources, enabling the provinces to capitalize on their existing strengths and accelerate offshore wind development safely and responsibly. Nova Scotia has already adopted mirror legislation, with Newfoundland and Labrador expected to do the same in the coming weeks.
Canadian workers and businesses are well positioned to seize the enormous economic opportunity clean energy presents, in Atlantic Canada and beyond. Today's legislation underscores Canada's commitment to deliver prosperity, create new clean energy opportunities, strengthen the economy, create thousands of jobs and better protect Canada's environment.
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"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."