New Economy Canada Unites Business, Indigenous and Labour Leaders to Boost Canada’s Economic Competitiveness
November 21, 2023
New Economy Canada brings together diverse industrial sectors with prominent labour and Indigenous organizations
Securing Canada’s long-term competitiveness in a quickly decarbonizing global economy is the focus of New Economy Canada, a newly launched non-partisan initiative uniting business, Indigenous and labour leaders at the forefront of this transition.
With over 45 members, New Economy Canada brings together diverse industrial sectors with prominent labour and Indigenous organizations, including Teck Resources Limited, GE Vernova, EllisDon, Siemens Energy, First Nations Major Projects Coalition, International Brotherhood of Electrical Workers and more. For a list of member organizations and the advisory committee, visit NewEconomyCanada.ca.
“A commitment to doing more, faster is what unites New Economy Canada’s members. Together, these business, Indigenous and labour leaders are the face of Canada’s new economy,” said Merran Smith, President, New Economy Canada. “Canada has what it takes to compete and win in the new clean economy now taking shape at home and around the world. But we need to step up and stand out to secure this prosperous future. Our diverse members share the view that to compete and win, we must proactively embrace change and the opportunities that come with it, and be laser-focused on action.”
Merran Smith, President, New Economy Canada
Members are calling on Canadian political leaders to advance economic reconciliation with Indigenous nations as a critical part of the country’s economic transition, increase the supply of clean energy and related infrastructure, acknowledge the importance of key policy tools, accelerate investments in skills training for workers so they can find well-paying jobs, and continue to support clean innovation to ensure Canadian competitiveness across industrial sectors.
A significant development highlighted in the latest data from BloombergNEF’s (BNEF) Energy Transition Tracker is that annual investments in the energy transition have seen a remarkable threefold increase over the last decade. A decade ago, these investments were primarily directed towards renewable energy sources such as solar and wind. However, the investment landscape has undergone a substantial transformation since then, with energy transition investments also flowing into energy storage, electrified transport, electrified heat, carbon capture and storage (CCS), hydrogen and sustainable materials.
Canada’s energy focus has broadened to include not only traditional renewable energy projects but also sectors related to electrified transportation, notable in battery technology and electric vehicle manufacturing. There has also been a marked increase in electrified heat, mainly through investment in heat pumps. This diversification and growth in investments underscores the evolving commitment to building a sustainable and diverse new economy.
New Economy Canada will be hosting its next event with provincial policy-makers in Victoria, B.C., on November 22 and 23, 2023, where it will encourage action on the economic transition. Additional New Economy Canada events in Toronto and Ottawa will follow in 2024, with further details to be announced.
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