Doubling Canadian Electricity Supply Could Add $3 Trillion to Economy by 2050
New economic modelling by New Economy Canada and the Canadian Chamber of Commerce reveals that doubling Canada's electricity supply and deploying clean power across the economy could generate trillions in new activity and over a million jobs.
The report, Powering Canada's Growth: the economic case for an electrified economy, finds that this transition could add a cumulative $3 trillion to Canada's gross domestic product by 2050 compared to a business-as-usual scenario.
According to the modelling, the return-on-investment figure is $5 in economic benefits for every $1 invested in the power sector. The analysis also projects 1.6 million additional jobs in 2050 under an electrified-economy scenario.
The report arrives as institutional capital flows into Canadian infrastructure at scale, with a pipeline of more than $1 trillion in non-residential investment queued for the next decade, with clean energy and utilities among the leading sectors.