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Global shift to net zero is both a threat and an opportunity: Canadian Climate Institute report

OTTAWA — New research from the Canadian Climate Institute shows that with the global economy transforming rapidly in response to climate change, green shoots of low-carbon growth are visible in every province across Canada. Some provinces, however, are lagging, and risk being left behind as the global net zero transition accelerates.

The Climate Institute’s new report, Net Zero Opportunities: A province-by-province comparison, assesses the progress provinces are making, particularly in transition-opportunity markets—where global demand is expected to accelerate in the low-carbon transition.

How the provinces compare:

• Provinces gaining momentum in the low-carbon transition: British Columbia, Alberta, Ontario, Quebec

• Provinces showing signs of progress in the low-carbon transition: Manitoba, Nova Scotia, New Brunswick

• Provinces getting started in the low-carbon transition: Saskatchewan, Prince Edward Island, Newfoundland and Labrador

Some examples of clean growth momentum across different provinces:

• British Columbia has 175 active transition-opportunity companies, the second highest in Canada, after Ontario.

• Alberta has 130 companies active and attracting investment in several transition-opportunity markets. Almost 30 per cent of those companies are focused on helping industry decarbonize.

• Ontario: while 55% of clean-growth companies are headquartered in the greater Toronto area, the remaining 45% are spread across 63 different communities, meaning Ontario as a whole–not just the major city centres–is well positioned for success in the global low-carbon transition.
• Nearly two thirds of the transition-opportunity companies in Atlantic Canada are located in Nova Scotia.
• Saskatchewan has 23 transition-opportunity companies actively attracting investment, with a concentration in agricultural tech (43 per cent of companies).

“Canada’s economy is at a pivotal moment, and this research shows that for each province to successfully navigate this transition, both federal and provincial governments need to do more to support investment and clean growth. While some actions have been taken, particularly in specific provinces, much more needs to be done—and quickly—or Canada risks getting left behind.” said Jonathan Arnold, Senior Research Associate for Clean Growth, Canadian Climate Institute.