Marine Renewables Canada Celebrates the Introduction of Accord Act Amendments
Yesterday, the Government of Canada introduced amendments that will establish a joint management regime with the provinces of Newfoundland and Labrador and Nova Scotia for offshore renewable energy. With the amendments to the Canada–Newfoundland and Labrador Atlantic Accord Implementation Act and Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act (otherwise known as the Accord Acts), the mandates of the offshore petroleum boards will be expanded to include the regulation of offshore renewable energy, and notably, offshore wind.
“This is an exciting day for Canada and our marine renewable energy sector. The tabling of the amendments is an important milestone towards establishing an offshore wind industry that will play a significant role in our clean energy future,” said Elisa Obermann, Executive Director at Marine Renewables Canada. “Offshore wind development also poses a major opportunity for businesses and communities. After decades of supporting offshore oil and gas and other ocean industries, Canadian suppliers have strong capabilities that can be transferred and adapted to support offshore wind projects and growth of the sector.”
Globally, the offshore wind market is growing quickly, with nearly 60 GW installed capacity and an estimated market value of up to $1 trillion by 2040, according to a recent report from the International Energy Agency. While Canada’s offshore wind resources are still untapped, they hold potential as a sizeable source of clean electricity, with Atlantic Canada having some of the strongest offshore wind speeds in the world at 10.5 metres per second.
“Developing our offshore wind resources is an important step towards reaching net zero targets and realizing a sustainable economy,” said Lisen Bassett, Marine Renewables Canada’s Policy and Communications Lead. “With these amendments to the Accord Acts, the future establishment of regulations, and ongoing work to ensure inclusive and responsible development through engagement with Indigenous peoples, communities, and stakeholders, Canada is building a foundation to join the growing global offshore wind market.”
The amendments to the Accord Acts will become available in Canada Gazette I for public consultation. It is anticipated that the amendments will be enshrined in late 2024, allowing offshore wind leasing to commence in 2025.
About Marine Renewables Canada
Marine Renewables Canada is the national association for tidal, offshore wind, wave and river current energy, representing technology and project developers, utilities, researchers, and the energy and marine supply chain.
Since 2004, the association has worked to build the sector by advocating for supportive policies, identifying domestic and international business development opportunities for its members, facilitating collaboration amongst its membership and broader ecosystem, providing education and outreach, and disseminating market intelligence. As part of its focus on developing the sector, Marine Renewables Canada is active in catalyzing opportunities for how marine renewable energy can contribute to achieving net-zero goals through production of green fuels such as hydrogen, as well as displacement of diesel in remote communities and other marine industries.
More at www.marinerenewables.ca
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Marine Renewables Canada