Canada is staring down one of its biggest economic opportunities in decades, according to a recent report from New Economy Canada.
As global investment in clean energy and technology surges past $3 trillion annually, new economic research argues that Canada is well-positioned to attract a significant share of capital and job creation, if governments across the country can move decisively.
“The clean economy is… the best opportunity for Canada’s future economic growth, stable trade and energy security,” Merran Smith, president of New Economy Canada, said in a statement.
But while Canada already ranks eighth globally for clean investment, and second in battery supply chain potential, New Economy Canada says more resources will be needed to compete with aggressive policy shifts in the U.S. and abroad.
A shift in global investment
The report, entitled "Strong Signals in the Noise", highlights growing momentum in the global clean economy, driven by energy security concerns, trade realignments and technological breakthroughs.
In 2024 alone, clean energy investments outpaced global oil and gas spending two-to-one, the report states. And Canada, with its vast critical minerals, emissions-free electricity and skilled workforce, could become a clean energy superpower.
According to the report, the clean energy transition is no longer a niche sector, with worldwide investment in clean power, electrification and low-carbon materials growing 22% annually. That shift is being amplified by mounting global concerns over energy security and supply chain resilience, with countries seeking to reduce reliance on fossil fuels.
“Canada has the resources, the talent and the trade routes to boost the energy transition around the world while creating stable jobs and driving innovation here at home,” Smith noted.
With 80% of its electricity already emissions-free and critical minerals exploration at a global high, Canada’s clean energy sector has quietly built a strong base. And provinces are starting to take advantage: BC Hydro’s 2024 power call alone will result in $5–6 billion in capital investment, while Ontario has secured major EV and battery deals from multinational firms.
Headwinds to overcome
Despite these strengths, the report suggests that Canada risks losing out in the global energy economy unless a more coordinated approach to policy and investment is defined.
“We need to scale our efforts by ensuring a strong foundation and building market confidence now, to mobilize the capital required to take advantage of this growth potential in Canada,” said Andrea Moffat of Addenda Capital, in a statement.
According to New Economy Canada, U.S. tariff wars, Chinese dominance in clean tech and recent U.S. policy reversals are all part of the challenge that the Canadian government must overcome to maximize this potential.
But industry leaders from sectors like cement, hydrogen and renewables all echoed the sentiment that Canada is facing a huge economic opportunity. “Canada is not just ready to compete globally — we’re ready to lead the clean‑energy transition,” said Matt Harper, president of Invinity Energy Systems, in a statement.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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