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(Report cover image courtesy of RBC Climate Action Institute)
Canada can make a significant dent in carbon emissions and find economic benefits over the next decade by growing and decarbonizing the country’s electricity grids, says new research from the RBC Climate Action Institute.
According to RBC Climate Action Institute’s annual report: Climate Action 2025: a year for rewiring, decarbonizing Canada’s electricity grids would reduce emissions, drive economic benefit and contribute to energy security.
The research provides a unique perspective on Canada’s climate progress, including new survey and interview data that reveal how businesses and consumers are feeling about the state of climate progress in Canada. While a combination of policy, capital and consumer action has been driving climate progress over the past five years, the pace of change is slowing, warns the institute, adding that change will be needed if Canada is to get on track to meet its climate commitments.
“2025 is shaping up to be a year of climate uncertainty,” explained John Stackhouse, senior vice-president, Office of the CEO, RBC. “Political change and economic frustration have challenged how businesses and governments are thinking about climate action, but these same forces also offer opportunities to advance our collective approaches in a new global reality.”
The report suggests that almost 350 climate-related emerging technology projects are underway, such as the building of small modular nuclear reactors as well as industrial-scale decarbonization projects.
And while policy, capital and consumers have driven a near doubling of climate action in Canada over the past five years, the country is not on course to meet its climate targets, climate investment is slowing, and concern over climate change is waning among Canadians. Approximately 14 per cent of Canadians cited climate change as one of their top three concerns in the most recent survey. This compares with 26 per cent in 2019.
There are some bright spots, however. Alberta’s removal of more than six mega-tonnes of coal-based emissions drove national electricity emissions lower by about 12 per cent. The province is now coal-free—six years ahead of schedule. And Canadian businesses see themselves on the frontlines of climate action, with over half of executives surveyed identifying government subsidies, internal funding, and C-suite buy-in as the most significant factors for driving emissions reductions in their organizations.
Canada’s building sector is also making contributions to the nation’s decarbonization efforts. Canada’s cement and steel industries have cut their coal consumption by 36 and 40 per cent, respectively, with the move from coal to natural gas – part of a plan to navigate away from fossil-fuel power by 2050.
“Gains made in low carbon cement and steel production are paving the way for broader emissions reductions within the building sector,” stated Myha Truong-Regan, head of climate research at the RBC Climate Action Institute. “Steel and cement manufacturers are shifting from coal to natural gas in the manufacturing process and these efforts are lowering the life cycle carbon impact of using steel and cement in buildings.”
In addition to the survey and analysis, Climate Action 2025: a year for rewiring also showcases several companies pursuing solutions for reducing emissions in a series of case studies. Click here to read the full Climate Action 2025 report.