National Innovation Pathway
In 2020, the Government continued to build on its 2016 ‘Pan-Canadian Framework on Clean Growth and Climate Change’ by releasing a strengthened climate plan: ‘A Healthy Environment and Healthy Economy’. The Plan includes 64 new and strengthened measures to support a stronger, cleaner, and more resilient and inclusive economy. As a result, Canada is forecasting to reduce emissions from 815 Mt in 2015 to 503 Mt in 2030, below Canada’s Paris target of 511 Mt.
Furthermore, at the Leaders’ Climate Summit, Canada announced it would further enhance its emissions reduction target to 40-45% below 2005 levels by 2030. This puts Canada on a strong foundation to work towards its longer term commitment to achieve net-zero by 2050. The Government of Canada has created the Net-Zero Advisory Body of independent experts to provide advice on pathways.
Technology and innovation will become increasingly important to achieve the deep decarbonisation required for net-zero emissions. Going forward, the Government of Canada will continue to build on investments in innovation that were made under the first phase of Mission Innovation. Since October 2020, the Government of Canada has invested $53.6B to establish Canada’s green recovery for the COVID-19 pandemic, create jobs, and secure a cleaner future.
As stated in the previous section, Budget 2021 made significant commitments to advance Carbon Capture, Utilisation, and Storage (CCUS). CCUS is an important tool for reducing emissions in high emitting sectors. Canada currently captures 4 Mt of carbon dioxide every year, but has the technical and geological capacity to capture and store much more. Canada also has the key building blocks for innovation in place, including innovative technology development companies, four of the world’s large scale CCUS projects in operation, and world-class CCUS research and testing facilities and scientific expertise. This can help support the emergence of new CCUS projects and hubs where carbon from high-emitting facilities can be captured, transported, stored, or used.