A policy review conducted by the International Energy Agency (IEA) has found that the electricity system in Canada is one of the cleanest globally, which is mainly because of the country’s use of nuclear and hydro power. IEA executive director Fatih Birol expressed the organization’s support for the Canadian government’s clean energy transition and lauded the country’s leadership in small modular reactor development.
The International Energy Agency usually carries out in-depth peer reviews of the energy policies of its member countries. The agency states that this process encourages the exchange of global best experiences and practices and supports the development of energy policies.
This latest review was compiled after an in-depth review was conducted in February 2021 that involved the IEA’s team meeting with Canadian research institutions, interest groups, energy companies, government officials, and other stakeholders and organizations. The agency’s team also gathered policy development information from private sector sources as well as the government.
Canada has made a number of domestic and international commitments to put it on the path of transforming its energy system. Its electricity system is 83% nonemitting, with hydropower being the primary source of electricity. The country’s target is to reduce greenhouse gas emissions by at least 40% by the year 2030 from the levels recorded in 2005, with a goal to reach net zero emissions by 2050.
Policy measures such as life extensions for current nuclear power plants, commitments to phase out the use of coal by 2050, clean fuel regulations, a scheme for carbon pricing and measures to decarbonize Canada’s transportation sector have already been implemented. Birol notes that the country has demonstrated good leadership both abroad and domestically on equitable and clean-energy transitions.
Nuclear energy will play an important role in helping Canada achieve and sustain its climate change goals, as that type of energy is considered a long-term source of baseload electricity supply. Currently, nuclear makes up almost 9% of total energy supply, with figures showing that nuclear accounted for 15% of total electricity generated in 2020.
The report makes a several policy recommendations for nuclear, one being to evaluate the long-term contribution of its nuclear fleet and nuclear new builds. The recommendation pointed specifically to small modular reactors because they could help meet the country’s net zero climate target for 2050 through the generation of low-carbon heat and electricity.
The report also recognizes the country’s investments and efforts to ensure that the energy transition aligns with the goal of limiting global warming to 1.5o C and developing pathways to achieve net-zero emissions in the next three decades.
Such steps being taken to put nuclear energy at the forefront in the fight against climate change bodes well for companies, such as Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), that are focused on mining this vital mineral needed in the race to net zero.
NOTE TO INVESTORS: The latest news and updates relating to Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) are available in the company’s newsroom at http://ibn.fm/UUUU
About MiningNewsWire
MiningNewsWire (MNW) is a specialized communications platform focused on developments and opportunities in the global resources sector. The company provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, and (5) a full array of corporate communications solutions. As a multifaceted organization with an extensive team of contributing journalists and writers, MNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, MNW brings its clients unparalleled visibility, recognition and brand awareness. MNW is where news, content and information converge.
To receive SMS text alerts from MiningNewsWire, text “BigHole” to 21000 (U.S. Mobile Phones Only)
For more information, please visit https://www.miningnewswire.com
Please see full terms of use and disclaimers on the MiningNewsWire website applicable to all content provided by MNW, wherever published or re-published: https://www.miningnewswire.com/Disclaimer
MiningNewsWire
Los Angeles, California
www.miningnewswire.com
310.299.1717 Office
Editor@MiningNewsWire.com
MiningNewsWire is part of the InvestorBrandNetwork.
