By launching a clean energy credit (CEC) registry, Ontario is making use of its world-class clean electricity grid. This will help businesses meet their environmental and sustainability goals, increase competitiveness, and attract jobs. Through the Future Clean Electricity Fund, which was just established, funds for the construction of clean electricity projects in Ontario will come from the sale of CECs. This will help keep electricity rates low for ratepayers. As Ontario competes for and attracts new investments in electric vehicle and battery manufacturing, clean steel, and other sectors while continuing to build its clean economy, this fund will help build the province’s clean energy advantage.
“Companies around the world want to invest in jurisdictions that have affordable, dependable, and clean energy, so clean energy has become an economic necessity. Minister of Energy Todd Smith stated, “Our clean energy credit registry will help us compete and attract more major investments in Ontario’s economy.” Ontario families have done the truly difficult work and assembled one of the cleanest power matrices on the planet, and presently we can use that perfect inventory to lessen the expense of new clean age through our Future Clean Power Asset.”
By demonstrating that their electricity was derived from clean resources like nuclear power, hydroelectricity, wind, solar, and bioenergy, businesses can use a CEC registry to meet their environmental and sustainability goals.
The registry, which is run by the Independent Electricity System Operator (IESO), adds to the growing list of things that make Ontario a great place to invest in all kinds of things. These things include a well-trained workforce, tax credits, and a great ecosystem for R&D.
Minister of Finance Peter Bethlenfalvy stated, “The clean energy credit registry is part of our government’s clean energy advantage that is boosting competitiveness and attracting investments and jobs right here in Ontario.” Our government has the right strategy for creating an Ontario with an economy that will continue to be resilient. We are supporting families, laborers and organizations today, while building areas of strength for an establishment for what’s in store.”
The government’s Future Clean Electricity Fund will receive funds from the sale of CECs held by the IESO and Ontario Power Generation (OPG). As the province expands our grid to meet the demands of a growing population and economy, this new fund will support the development of new clean energy projects as well as the electrification of transportation and industry to help keep electricity rates low for customers. The province’s advantage in clean energy will be supported by the Future Clean Electricity Fund.
Minister of Economic Development, Job Creation, and Trade Vic Fedeli stated, “Our government is leaving no stone unturned when it comes to building a strong Ontario and attracting investments that will create more opportunities today and in the future.” The Future Clean Electricity Fund and the clean energy credit registry are important tools that will make Ontario more competitive so we can compete for and win global investments.
Businesses making decisions regarding investments benefit greatly from having access to clean energy. The Stellantis–LGES battery plant, the expanding greenhouse industry, and other job creators will be powered by five brand-new transmission lines that the government has accelerated in Southwest Ontario. The recent investment made by Volkswagen, which saw them locate their first gigafactory outside of Europe in Ontario, exemplifies the commitment of the province to meet the growing demand for energy by pointing to the province’s abundant supply of clean electricity and its convenient location for the production of raw materials.