Canada Reforms Regulations to Attract Offshore Wind Investments
Canada has passed new legislation that will open up its East Coast to offshore wind investments. Last week, Bill C-49 created a framework to develop offshore wind energy in the provinces of Nova Scotia and Newfoundland and Labrador.
The Bill introduced amendments to the Accord Acts, allowing the federal government and the provincial governments to work together in the joint management of offshore wind resources. The Atlantic Accords Acts have been in existence since the 1980s, making it possible for Canada, Nova Scotia and Newfoundland to jointly manage offshore petroleum resources. With the new changes, the scope has been expanded to include offshore wind.
In this case, the Canada-Nova Scotia Petroleum Board’s name changed to the Canada-Nova Scotia Offshore Energy Regulator (CNSER), and the Canada-Newfoundland and Labrador Petroleum Board’s name changed to the Canada-Newfoundland and Labrador Offshore Energy Regulator (C-NLOER)
“Bill C-49 enables Atlantic Canada to seize the generational economic opportunity presented by offshore renewable energy. It will strengthen the economy, enable the creation of thousands of jobs and attract billions in investments in Nova Scotia and Newfoundland and Labrador,” said Jonathan Wilkinson, Minister of Energy and Natural Resources.
According to Tory Rushton, the Minister of Natural Resources for the Government of Nova Scotia, the call for offshore wind tenders could open as early as next year. Nova Scotia is looking to harness offshore wind power for production of green energy, and major industrial manufacturers in the province are already pursuing the use of green hydrogen as the transition from fossil fuel gains traction.
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