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Regional Tables Launched to Collaboratively Drive Economic Opportunities in a Prosperous Net-Zero FutureVANCOUVER, BC, June 1, 2022 /CNW/ - Canada holds the resources, clean technology and experience to thrive in the global net-zero economy, creating prosperity and high-quality jobs for generations to come. Today, the Honourable Jonathan Wilkinson, Minister of Natural Resources, formally launched the first phase of the Regional Energy and Resource Tables as part of the Government of Canada's commitment to work with provinces, territories and other partners to take advantage of the unprecedented economic opportunities presented by a low-carbon future. The Regional Tables initiative is a partnership between the federal and provincial and territorial governments that will support strong communities and job creation in every region of Canada. At the federal level, it is a whole-of-government initiative led by Natural Resources Canada, involving multiple federal institutions, including the Regional Development Agencies and the Canada Infrastructure Bank. The Regional Tables are collaborative fora that will bring the federal, provincial and territorial governments together with Indigenous partners, municipalities, industry, workers, unions and experts to advance the top economic priorities in the natural resources space in every region of Canada through the development of place-based economic strategies. The Regional Tables will gather input from relevant partners and seek to align resources, timelines and regulatory approaches to capitalize on key regional opportunities and priorities. The Regional Tables approach recognizes that each region has a unique mix of its own natural resources, energy and electricity systems, and clean technology strengths. As a result, the economic opportunities available to each province and territory — and the approaches they will take in building strong economies — will differ across the country. Each region is in a unique position to meet emerging domestic and global demand by taking advantage of new markets emerging from the low-carbon transition while creating sustainable jobs and reducing greenhouse gas pollution. In addition to addressing key economic opportunities associated with a low-carbon transition, the Regional Tables will provide a forum to discuss how we can work together to ensure that electrical generation capacity and our provincial and regional electrical grids will be capable of meeting the requirements of decarbonization and of increased demand associated with broad electrification. The initial phase of engagement, announced today in an address at the Greater Vancouver Board of Trade, begins with British Columbia, Newfoundland and Labrador and Manitoba and will focus on ensuring they are prepared to seize the economic opportunities enabled by the global move towards a low-carbon future. In the coming days, working-level discussions will be convened by the governments of Canada and Saskatchewan, as well as Canada and Alberta, to establish shared priorities that will be included in a future phase of the Regional Tables. Tables will subsequently be established in all provinces and territories across Canada. Across Canada, regional growth opportunities are likely to come from new products and processes that enable a low-carbon future — such as critical minerals, clean hydrogen, small modular reactors, carbon capture and removal, renewable energy, biofuels, zero-emission cars, battery technology and other clean technologies. Other opportunities will come through increased demand for traditional goods produced in an ultra low carbon manner — such as low-carbon steel and aluminum. This initiative will highlight how Canada can and will seize the economic opportunities enabled by a low-carbon future to build a prosperous and dynamic future for Canadians in all regions of the country. Quotes "Just as any successful business must be capable of interpreting and reacting to changes in the business environment, countries must also be capable of thoughtful response and action to sustain and enhance their level of prosperity. This Initiative will enable provinces, territories, the federal government and key Indigenous partners to collectively accelerate economic activity and position Canada as an economic leader in the global shift towards a low-carbon future." The Honourable Jonathan Wilkinson Minister of Natural Resources, Government of Canada "With an abundance of renewable energy resources, Newfoundland and Labrador is well positioned to meet our net-zero commitments and transition to a low-carbon economy. We recognize the significant opportunities renewable energy presents in terms of economic development and environmental progress and look forward to working collaboratively with the Federal Government, Indigenous groups and other partners for this initiative." The Honourable Andrew Parsons Minister of Industry, Energy and Technology, Government of Newfoundland and Labrador "In light of the global energy crisis and the ongoing war in Ukraine, it is imperative that we all move to a low-carbon economy. It is going to take larger coordination, cooperation and encouragement between governments and regions. We look forward to working with federal, provincial and local governments through the Regional Energy and Resource Tables to help advance the top economic priorities of the natural resources sector while protecting our shared natural environment." The Honourable Bruce Ralston Minister of Energy, Mines and Petroleum Resources, Government of British Columbia "Manitoba is proud to be on the forefront of clean, renewable energy through Manitoba Hydro. We are fully committed to pursue other opportunities to grow our renewable energy sector, which will lead to additional economic growth and more high-quality jobs in Manitoba. We look forward to working collaboratively with all levels of government, Indigenous groups and partners through the Regional Energy and Resource Tables to protect our environment while continuing to advance the natural resource sectors with a low-carbon footprint." The Honourable Scott Fielding, Minister of Natural Resources and Northern Development, Government of Manitoba Quick Facts
BACKGROUNDER Regional Energy and Resource Tables From: Natural Resources Canada Canada holds the resources, clean technology and experience to thrive in the global net-zero economy, creating prosperity and high-quality jobs for generations to come. The Regional Energy and Resource Tables (Regional Tables) are part of a collaborative initiative with the provinces and territories designed to identify, prioritize and pursue opportunities for sustainable job creation and economic growth for a low-carbon future in the energy, electricity, mining, forestry and clean technology sectors across all of Canada's regions. The Global Commission on the Economy and Climate stated in its 2018 Report that investments in growing a clean economy and tackling climate change today could result in an additional $26 trillion in global economic benefits. By focusing on opportunities where Canada has a comparative advantage in a low-carbon economy, the Regional Tables process will tackle the urgency of climate change while recognizing that the global shift to low carbon has the potential to create enormous economic opportunities and long-term prosperity in Canada and for Canadians. How will the Regional Tables work? The Regional Tables are proceeding using a phased approach, with the first phase announced today beginning with British Columbia, Newfoundland and Labrador, and Manitoba. Tables will subsequently be established in all provinces and territories across Canada. Our goal is to establish all tables by early 2023. There are three main elements to the process:
The first milestone will involve identifying and agreeing on a small number of the highest potential clean growth opportunities for each region, such as critical minerals, clean fuels and hydrogen, non-emitting electricity and transmission, carbon capture and removal, sustainable forestry and nuclear technologies. Next, in each region, a joint action plan will set a path forward for active collaboration between the federal and provincial/territorial governments over the next two years. Each joint action plan would focus on tangible actions to align resources and investment, regulatory and permitting processes, policy tools, identification of key issues and barriers to be overcome. These efforts will culminate in the development of place-based economic strategies that identify the top economic opportunities in each region and associated plans to advance them. These strategies will integrate Indigenous perspectives on regional opportunities, incorporate input from experts and engage with industry, labour and others. In addition to addressing key economic opportunities associated with a low-carbon transition, the Regional Tables will provide a forum to discuss how we can work together to ensure that electrical generation capacity and our provincial and regional electrical grids will be capable of meeting the requirements of decarbonization and increased demand associated with broad electrification. The Regional Tables is a partnership between the federal and provincial and territorial governments. At the federal level, it is a whole-of-government initiative led by Natural Resources Canada that aims to provide national leadership to enable all regions of Canada to seize the economic opportunities enabled by the transition to a low-carbon future. Who will participate? The Regional Tables initiative is a partnership between the federal and provincial and territorial governments. It will also include participation by:
The Regional Tables process will evolve over time in ways that will allow tangible outcomes to be achieved. Regional Tables will inform Canada's approach to supporting workers and communities and creating sustainable jobs. This process will co-operatively and collaboratively develop place-based, resource-based economic strategies that reflect Canada's regional economic diversity. These strategies will provide direction to workers, labour organizations, businesses and governments with respect to the job opportunities created by a net-zero transition. In essence, it will seek to answer the question: "What are we transitioning to?" Work is currently underway to consult and get input from Canadians including energy workers and communities through the Just Transition consultations on the development of federal legislation. By meaningfully partnering with provinces and territories and with workers, labour movement, Indigenous Peoples and local governments, coherent strategies to support workers and communities at all levels of jurisdiction will be enabled. What opportunities will be prioritized and accelerated? The Regional Tables aim to align priorities, funding and financing opportunities, and policy and regulatory approaches on a regional basis to accelerate economic activity and position every region in Canada as a leader in areas where we have or can reasonably create a comparative advantage in the net-zero future. Across Canada, regional growth opportunities are likely to come from new products and processes that enable a low-carbon future — such as electric cars, battery technology, critical minerals, clean hydrogen, small modular reactors, carbon removal, renewable energy, biofuels and other clean technologies — and new uses for old products. Other opportunities will come through increased demand for traditional goods produced in an ultra-low–-carbon manner — such as low-carbon steel and aluminum. Why are we pursuing regionally focused collaboration? Canada is both a vast country and a decentralized federation where each region has a unique set of natural resources, energy systems, labour markets and regulatory approaches. The economic opportunities available to each region — and therefore the approaches to a net-zero emissions and nature-positive future — are different across the country. Independent thought-leaders in Canada such as the Transition Accelerator, Quest Canada and the Canadian Climate Institute have been calling on the federal government to play a convening role while each region of the country drives toward the net-zero economy that will work for them. At the global level, the International Energy Agency has also specifically recommended the federal government coordinate closely with provincial and territorial authorities on identifying region-specific opportunities and aligning key actions needed for long-term emissions reductions by 2050. The Government of Australia, another decentralized federation, has pursued a similar initiative with state governments to accelerate low-carbon energy opportunities and clean electricity grid development with multi-party regional agreements. For its part, the U.K. has developed an energy security strategy that aligns opportunities to invest in renewables, energy efficiency, hydrogen, clean electricity and nuclear with skill development and employment opportunities. What is at stake? To build a net-zero economy by 2050, Canada will need between $125 billion and $140 billion of investment from both the public and private sector every year. By collectively identifying and advancing top growth opportunities, both public dollars and private capital can be strategically directed with maximum potential for economic growth, climate outcomes and sustainable job creation. Budget 2022 announced funding for Regional Tables, and once shared priorities and opportunities are identified, there will be ways to draw on existing funds across government. To support regional opportunities, governments will look to leverage funds through existing and new programs and initiatives. Federal programs that may be drawn on include, for example:
These federal funding and financing tools can be coupled with resources from other orders of government, major investors such as public pension funds, and the private sector. Through the Regional Tables, we will focus on the development of high- impact opportunity areas in each region of the country to develop a competitive and highly prosperous, sustainable natural resources-driven economy — an economy that creates wealth and jobs in every region of this country while concurrently ensuring that we achieve our ambitious climate and nature goals. Follow us on Twitter: @NRCan (http://twitter.com/nrcan) SOURCE Natural Resources Canada 
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