January 31, 2025 Ottawa, Ontario Natural Resources Canada
The offshore renewable energy sector presents a generational economic opportunity for Canada as the global offshore wind market is forecasted to attract one trillion dollars in investment by 2040. With the longest coastlines in the world, world-class wind speeds and a highly skilled workforce, Atlantic Canada is well positioned to seize this unprecedented economic and job creation opportunity.
Today, the Government of Canada, in partnership with the Government of Nova Scotia, is pleased to announce the coming into force of legislation to enable the development of offshore renewable energy for the first time in Canada. This follows the passage of Bill C-49 and Nova Scotia's mirror legislation, Bill 471, which amended the federal and provincial versions of the Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act. This legislation will unlock the enormous potential of offshore renewable energy, increase Nova Scotia's prosperity, create thousands of jobs, attract billions in investment, help protect the environment and strengthen the economy.
With this legislation coming into force, both Canada and Nova Scotia are positioned to be a world-leading supplier of clean energy.
The Government of Canada will continue to work with the Governments of Nova Scotia and Newfoundland and Labrador to unlock the enormous potential of offshore renewable energy collaboratively and responsibly. While Nova Scotia has already adopted mirror legislation, Newfoundland and Labrador is expected to advance consideration of its legislation this year, which is required to bring its portion of Bill C-49 into force as we continue building on decades of successful joint management.
Today's announcement marks another leap forward in Canada's commitment to strengthen the economy, create jobs, fight climate change and be an energy superpower.
