The dwindling fossil fuel supply and the possible end of energy systems reliant upon them is of great concern to the world community. And in the midst of the global recession, the economies of individual nations as well as that of the global system are of paramount importance. That these two issues are of moment at this same time invites nations and businesses to to find ways for solutions to one to also provide solutions to the other. As a major global economic player, Canada also plays a role in this crisis of combining green energy and economy.
Total global investment in renewable energy, in 2008, was greater than all combined investment in nuclear, natural gas and coal electricity. Renewable energy initiatives attracted almost US$148 billion worldwide. Nations that work to create renewable energy solutions will attract the bulk of this money. Therefore, if it wishes to remain globally competitive in this new world market, Canada needs to present itself as an attractive market in order to win these investments and prevent them going elsewhere, most likely the United States.
For instance, the US has just invested almost 14 times as much money in green energy than Canada did in last year’s Federal budget.
As well as the ailing economy, the worsening environment is impetus to develop economies sustained by natural energy. Carbon emissions must be reduced in order to combat climate change and according to the International Energy Agency the nations comprising the major Economies Forum, one of whom is Canada, will have to spend 3 to 6 times as much every year than they are now if the goal of reducing 2005 levels of carbon emission to 50% of what they were by the year 2050.
One notable R&D investment is that of carbon capture and storage. Canada claims to be strongly in favor of this and to be providing robust investment. However, nations who have not evinced a strong commitment to climate change such as the United States and Australia are still outspending Canada’s 19 million by hundreds of millions.
If Canada wishes to enter fully into the renewable energy economy, it already has a strong base from which to develop this capacity. Hydroelectric dams already produce most of Canada’s electricity. Quebec, Manitoba, Labrador, and Yukon produce over 90% of their electricity this way.
Canada has plentiful solar energy resources, particularly in Ontario, Quebec, and the Prairies. Although currently only a small part of Canada’s energy production, there is a solar power infrastructure in place mainly for non-electric space and water heating. Government studies show solar energy could account for five percent of energy needs by 2025.
Many areas of Canada are hard to reach and/or sparsely populated. Thus, they do not have easy access to the nation’s energy grid. Here solar power is already put to use through photovoltaic cells. PV cells, when exposed to light, use semiconductor materials to generate directly electric power. In the northern provinces and territory, they have are used as standalone units to distribute electricity, particularly for remote homes, telecommunications equipment and navigational devices. Because they replace the costly diesel fuel systems that used to provide this energy, they also benefit the economy of these areas.
Canada is beginning to increase its reliance on wind power. There are already ninety-nine wind farms generating a little over one percent of Canadian electricity. According to the Canadian Wind Energy Association, the building of new wind farms could allow the country to reach 55,000 MW by 2025. That is twenty percent of Canada’s energy requirements.
Ontario is a demonstrative case of how new energy initiatives in Canada can enhance the economy. They recently passed the Green Energy and Green Economy Act of 2009. One of the provisions of the act is to offer low- or no-interest loans to homeowners in order to pay for the cost of using renewable alternative energy generators and to make their homes more energy efficient.
British Columbia is turning toward a green economy the creation of which has already produced 117,000 full time jobs and makes up over fifteen billion dollars of the province’s GDP. GLOBE Foundation of Canada has estimated British Columbia’s development of a renewable resource economy will make the province worth over twenty-seven billion dollars in ten years.
Canada already has the resources and the systems in place for renewable alternative energy. It remains for the nation to decide how fully it wishes to develop and integrate them into the global green market and economy grid.
Solar Power devices, green energy sources like the field of science is around every day. The children learn with fun optical equipment, telescopes and science lab equipment.
