Climate Politics
RBC Says Canada’s Economic Engine May Soon Face Energy Shortages
- Meeting 2035 net-zero grid commitment seen as challenging
- Focus on hydro, nuclear power recommended to reach targets
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Canada’s biggest commercial bank says the country will struggle to meet soaring electricity demand in coming years unless governments make tough decisions.
Energy consumption is expected to surge 50% in the next decade but the country’s ability to meet that demand is constrained by its commitment to a net zero grid by 2035, Royal Bank of Canada said in a report Tuesday. Ontario, the most populous province and the country’s economic engine, could face power shortages as early as 2026, the bank warned.