Implementing new power options was a key matter on the UNITE 2024 Vitality Disruptors Summit, the place panelists tackled among the most urgent challenges Canada is dealing with within the power transition. John Redfern, Eavor founder and CEO, joined this panel to emphasise the difficulties of scaling up applied sciences, establishing nationwide laws, and the essential function of innovation in sustaining Canada’s international management.
Redfern harassed that amidst the rise of utmost climate occasions, resilience in power infrastructure is extra essential than ever. He argued that these components are undervalued in right now’s market, and consistency will help future stability.
“Consistency is the primary factor. Regulatory regimes, and our incentives, have to be constant. That manner, we will set the framework, and be technologically agnostic, and the market can determine from there,” Redfern said.
Constructing on this, Imperial Oil’s senior vp Sherri Evers highlighted the significance of coverage readability in protecting Canada globally aggressive. Clear and constant laws are very important for offering buyers with certainty, in line with Evers, significantly given the excessive prices related to the power transition.
Inconsistencies and a scarcity of presidency readability hinder a swift power transition, and the panelist argued that it’s additionally limiting effectivity within the carbon credit score markets. Suzanna Pierce, president and nation chair at Shell Canada, famous that that is largely on account of inconsistent insurance policies between provinces. Pierce emphasised the necessity for a unified nationwide strategy to carbon pricing and emissions buying and selling. Kent Brown, co-founder and associate at Thought Effectively Capital Companions, added that governments ought to create these clear regulatory frameworks after which step again to let companies innovate.
This potential to innovate is what is going to hold Canada aggressive on the world stage, in line with Redfern. He additionally emphasised the necessity for Canada to not solely export uncooked supplies but in addition lead in next-generation power know-how improvement.
“We’ve to create know-how and be on the reducing fringe of one thing on this planet if we need to have a very good way of life in Canada, which we do. On the subject of geothermal, we will be world leaders.”
