Green energy in 2023: Clean grids, Alberta, batteries areas to watch
The year 2022 may go down as the most successful one yet for climate action. It was marked by monumental shifts in energy policy from governments, two COP meetings and heightened awareness of the private sector's duty to act.
In the U.S., the Inflation Reduction Act (IRA) was the largest federal legislation to tackle climate change, injecting $369 billion of tax credits and incentives for clean energy, electric vehicles, carbon capture, energy storage, energy efficiency and research.
The European Union accelerated its green policies to transition away from fossil fuels and overhauled its carbon market. China and India made strides on clean energy and strengthened climate policies. The International Energy Agency made its largest revision yet as renewables continued to proliferate.
The U.S. ratified the Kigali Amendment, one of the strongest global climate policies to date.
Canada was no different. The 2022 Fall Economic Statement was announced to respond to the IRA, offering an investment tax credit for renewables, clean technology and green hydrogen alongside the Canada Growth Fund. The federal government also proposed a 2035 deadline for clean electrical grids and a federal zero-emissions vehicle (ZEV) sales mandate for light-duty vehicles.