From a release
OTTAWA: A new research report 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 research shows that N.S. is showing some signs of progress in the low-carbon transition, as there are new pockets of economic growth emerging and the bulk of transition ready companies in the Atlantic provinces are located in Nova Scotia.
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.
However, Nova Scotia needs to build on the momentum of emerging transition-ready companies that are successfully attracting investment.
The province would also benefit from looking at how other provinces are mobilizing private capital to start and build transition-ready companies.
Key facts:
- Nova Scotia has concentrations of specialized innovation such as smart grids and batteries and storage, including a Tesla Research lab and a battery innovation cluster at Dalhousie University.
- Nearly two thirds of the transition-opportunity companies in Atlantic Canada are located in Nova Scotia.
- Adjusted for the relative size of provincial economies, Nova Scotia ranks third in the country in the amount of private investment flowing to transition-opportunity companies, after Quebec and British Columbia.
How other 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
Across all provinces, federal and provincial governments can—and must—do more to help mobilize private sector investment to improve provinces-transition readiness.
Whether its increasing policy certainty for investors and businesses through broad-based instruments like carbon pricing and regulations, deploying innovative financing tools to help transition-opportunity companies scale up, encouraging more opportunities in rural, remote, and Indigenous communities, or increasing support for research and development, government policy will play a huge role in whether the country can seize new opportunities in the transition.
For more details on how Nova Scotia compares to other provinces see Net Zero Opportunities: A province-by-province comparison.
Quote
“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.”
—Jonathan Arnold, Senior Research Associate for Clean Growth, Canadian Climate Institute
