Commentary
Colleen d’Entremont
Now that we have finished the first quarter of 2022, and my time at Atlantica wraps up, we find ourselves just that much closer to the deadlines for reducing greenhouse gas emissions. Each quarter that passes must have significant accomplishments if we are collectively going to transform our energy production and usage by 2030 and beyond.
We need to think of that deadline as a countdown clock that reminds us, we need to be developing innovative technologies, designing new infrastructure, receiving commitments of funding both from public and private sectors, and reforming the regulatory framework to accommodate the necessary changes required.
None of this is a small effort, which is why every single day counts. The federal government must commit to specific funding for technological innovation and energy infrastructure. This includes funding for hydrogen pilot projects, Small Modular Reactors and Atlantic Loop transmission funding. The provincial governments must align on regulatory changes and work together to adapt the rules and regulations in the Atlantic Provinces. Private equity has to stand up and invest in tomorrow’s energy solutions. Each day that passes without progress is a day lost.
Governments must move swiftly to put in place the rules and regulations to encourage the development of the energy sources and transmission needed. The longer they dither, the greater chance of missing their own goals.
As we look ahead to the rest of the decade and the environmental benchmark of 2030 looms closer, a sense of urgency is needed to address our energy future here in Atlantic Canada.
Canada has committed our nation to achieving ambitious greenhouse gas reduction targets. We are well-positioned in the Atlantic region to pilot the projects that will make a difference. Our natural gas network is well suited for the introduction of hydrogen, the local demand for hydrogen in the processing sector is significant, and the interest in low-carbon projects is real. Similarly, New Brunswick is well suited, and ready, to develop next-generation advanced SMRs that Canada and the rest of the world needs.
There is a role for the rest of us too. With another Earth Day behind us, we have to take our roles seriously. We must rethink our own dependence on energy and how much of it we use. Remember, no energy gets produced if there is not a home for it. If we reduce our usage, production goes down too. The utilities and other energy producers cannot keep bearing all the load. The years ahead will need to include a focus on transportation fuels along with a shift in consumer consumption (meaning we all need to buy less stuff). Carbon pricing will play a significant role by making the price of pretty much everything higher.
In speaking to energy professionals every day, many are excited to face the challenges in front of them. We have every reason to be optimistic that by working together as a region we can move energy innovation forward, we can continue to reduce our greenhouse gas emissions and we can achieve the economic stimulation that comes from developing solutions here at home.
While seven- and three-quarter years isn’t much, we have the talent and ability here in Atlantic Canada to pull together and effectively reshape our energy future in a rapidly changing world, if everyone pulls together and takes action today, not tomorrow. The clock is ticking.
Colleen d’Entremont is the outgoing president of the Atlantica Centre for Energy.