Canada unveils $70B clean energy project, the largest in North American history
The federal government will provide $10 billion in financing for the projects, which will also create opportunities for co-investment with the Innu of Labrador in a major new onshore wind project.
Together, the projects are expected to generate 14,000 megawatts of clean, renewable electricity, nearly tripling the current generating capacity of Churchill Falls. The government said this would be enough power to light, heat and cool all homes in Toronto, Montréal and Vancouver combined.
The projects are expected to support 23,000 construction-phase jobs, including positions in skilled trades and engineering, and contribute $31 billion to Canada's GDP through the early 2040s.
The agreement also includes transmission lines and investments aimed at strengthening Canada's interprovincial electricity grid and export infrastructure.
The government has also referred the Labrador Trough Clean Power, Critical Minerals and Infrastructure Corridor to the Major Projects Office. The region, which stretches across Labrador and Québec, contains significant deposits of high-purity iron ore and is considered strategically important for Canada's critical minerals and clean energy industries.
The Major Projects Office will coordinate federal financing, help accelerate permitting and work with Indigenous Peoples to develop partnerships.
The government said the investment builds on Canada's existing electricity advantage. Around 80% of the country's electricity generation is currently non-emitting, while Canada has the lowest residential electricity costs in the G7 and the second-lowest industrial electricity costs in the G7 and OECD.
The new projects support Canada's National Electricity Strategy, which aims to double the country's electricity grid capacity by 2050, as well as the Atlantic Energy Strategy, which focuses on expanding renewable and other non-emitting energy sources across Atlantic Canada.
Earlier, Qazinform News Agency reported that Americans drive a surge in Canadian citizenship applications.