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.
Quotes
"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."
The Honourable Jonathan Wilkinson
Minister of
Energy and Natural Resources
"Bill C-49 is important to Nova
Scotia meeting its offshore wind targets. Investors are
lining up to harness our wind power and produce clean energy for
green hydrogen and other uses. Now that this bill has passed, along
with our own provincial mirror legislation, we are well on our way
to developing our offshore wind industry hand in hand with our
federal partners, starting with issuing our first call for bids
next year."
The Honourable Tory Rushton
Minister of Natural
Resources and Renewables, Government of Nova Scotia
"Bill C-49 ensures the necessary measures are in place to
support offshore renewable energy opportunities; allows for a
fiscal regime that provides the maximum economic returns to
Newfoundland and Labrador; and furthers joint management of the
offshore area while building upon the extensive expertise the
C-NLOPB has in managing offshore projects."
The Honourable Andrew Parsons, KC
Minister of
Industry, Energy and Technology, Government of Newfoundland and Labrador
"I was honoured to sponsor a bill of such significant economic
and environmental importance to my province. I look forward to
seeing the positive impacts of Bill C-49, as this historic bill
presents a generational opportunity for Newfoundland and Labrador, Nova
Scotia and Canada as a
whole."
The Honourable Iris G. Petten, Senator for Newfoundland and Labrador,
Senate of Canada
Quick Facts
- This legislation establishes a joint management regulatory
framework for offshore renewable energy development
- Bill-49 includes amendments to the Accord Acts that:
- establish the framework to develop offshore renewable
energy;
- change the Canada-Nova Scotia Offshore Petroleum Board's name
to the Canada-Nova Scotia Offshore Energy Regulator (CNSOER);
- change the Canada-Newfoundland and Labrador Offshore Petroleum
Board's name to the Canada-Newfoundland and Labrador Offshore Energy
Regulator (C-NLOER);
- expand the mandates of the CNSOER and the C-NLOER to include
the regulation of offshore renewable energy projects;
- improve alignment between the Accord Acts and the Impact
Assessment Act (IAA);
- provide tools to support the Government of Canada's marine conservation agenda; and
- modernize the land tenure regime for offshore petroleum
development.
Related Information
- Building Offshore Renewables in Newfoundland and Labrador and Nova
Scotia
- Governments of Canada and
Newfoundland and Labrador launch regional assessment to support
future decisions on offshore wind projects in the province
- Governments of Canada and
Nova Scotia launch regional
assessment to support future decisions on offshore wind projects in
the province
- The Offshore Renewable Energy Regulations Initiative
- Canada Offshore Renewable Energy Regulations
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SOURCE Natural Resources Canada