TORONTO—An estimated US$21.7 billion worth of global renewable energy transactions were completed in Q1 2012, representing a 41 per cent increase over Q4 2011, according to Ernst & Young’s latest quarterly global Renewable Energy Country Attractiveness indices report.
Those corporate energy strategies include improving energy efficiency to mitigate energy cost hikes, increasing the use of renewable energy and growing energy self-generation.
“From startups to large corporations and national governments, we’re seeing more organizations worldwide embrace cleantech as a means of growth, efficiency and competitive advantage,” says Stephen Lewis, leader of Ernst & Young’s Renewable Energy Advisory practice in Canada, who adds that the cleantech industry has the unique opportunity to transform markets dramatically in the next five years as resource constraints become more acute.
Forecasts already predict robust growth across the Canadian renewable energy industry between now and 2015.
However, risks within each province could hamper renewable energy sector growth, including:
British Columbia: Political risk surrounding rate sensitivity and future calls for projects
Alberta: Access to transmission and challenges in securing long-term power purchase agreements
Ontario: Access to transmission and the enactment of new feed-in tariff rules
Quebec: Ability for the Quebec government to continue stimulating its wind market
Nova Scotia: Access to transmission
“…more stakeholders around the globe are realizing the importance of finding sustainable solutions to our future energy needs,” says Lewis. “A nationally integrated energy system can provide immunity to market price volatility and safety from security threats, while allowing Canada to export its energy raw materials rather than consume them domestically.”