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CALGARY - Canada’s 100 largest publicly traded companies will require 7.7 gigawatts (GW) of renewable electricity by 2040 to meet their greenhouse gas reduction targets, enough to power 1.88 million Canadian homes. More than half of that demand must be secured by 2030, according to a new report from the Business Renewables Centre-Canada.

The report, From Pledge to Power: Translating ESG Goals into Renewable Energy Demand, offers a national analysis of how corporate climate targets translate into real electricity demand. It highlights a significant and time-sensitive opportunity for provinces to attract billions in clean energy investment, thousands of jobs, and millions in new revenue for municipalities across the country.

Beyond the direct benefits of building clean power projects, provinces that enable corporate renewable procurement also attract continued capital investment and jobs from companies seeking reliable, low-cost clean power to run their operations.

Our analysis reveals a major requirement for renewable energy in the coming years. At 7.7 GW of corporate demand identified, this represents more than a doubling of current solar capacity over the next five years. Corporations and institutions nationwide are committed to large-scale procurement of renewable energy. The main challenge faced by these corporations is whether governments across the country will implement policies that either enable or block this opportunity. 

Quotes

“Canada’s largest companies are signaling an urgent demand for reliable, low-cost electricity – and today there’s no cheaper or more energy-secure electricity than renewables. It’s a reminder that growing our clean grids in Canada isn’t just about climate action - it’s a pathway to create competitive economies, with jobs, municipal tax revenues, and billions in private investment.”

“Canadian Corporations have made a massive commitment to decarbonizing operations. If governments across Canada want to attract and retain continued capital investment, they must step up to meet the moment and unlock renewable energy across the country.”

“Our report shows a clear policy gap: corporate Canada is ready and willing to procure renewable energy, but most provinces still lack the regulatory tools, such as virtual power purchase agreements, that would enable them to capture this economic opportunity.”

— Jorden Dye, Director, Business Renewables Centre

Quick facts

•    7.7 GW of renewable energy needed by 2040 to meet top 100 TSX-listed companies’ Scope 2 targets
•    70% of companies have a 2030 target year, requiring 3.9 GW of capacity
•    Ontario: 4.2 GW (54%) | Alberta: 1.4 GW (19%) | Quebec: 819 MW (11%) make up 85% of the total demand 
•    Industry leaders by demand: Retail (37%), Mining, quarrying, and oil & gas extraction (26%), Utilities (13%)
•    20 of the 100 companies studied have no climate targets 

Background

The Business Renewables Centre-Canada (BRC-Canada) is an initiative of the Pembina Institute. BRC-Canada exists to enable businesses and institutions to access renewable energy for their emissions reduction needs across Canada. This means working closely with buyers and developers of renewables and assisting them in shortening their learning curves as they figure out the best path to power purchase agreements. Our growing organization currently has about 50 participants from across all sectors of the Canadian economy.  

Visit the Business Renewables Centre-Canada’s website to download a copy of From Pledge to Power: Translating ESG Goals into Renewable Energy Demand.

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Contact

Jean Todea
Senior Communications Lead | Business Renewables Centre-Canada
403-863-6560
 

Background material 

Report: From Pledge to Power: Translating ESG Goals into Renewable Energy Demand
Blog: The 7.7 GW Opportunity