Canada Passes Bill for Offshore Wind Development

The recent passage of Bill C-49, which received royal assent on October 3, 2024, marks a significant advancement for offshore wind energy development in Atlantic Canada, particularly in Nova Scotia and Newfoundland and Labrador. The legislation enables the provinces to regulate offshore renewable energy, creating a framework that could draw in billions in investment and generate thousands of jobs. Federal Minister Jonathan Wilkinson emphasized the bill as a critical step toward establishing Canada as a leader in clean energy production, including hydrogen, while contributing to the country’s net-zero emissions goals by 2050. With expectations for the global offshore wind market to reach $1 trillion by 2040, the legislation positions the region to capitalize on its abundant wind resources. Nova Scotia plans to hold its first bidding round for offshore wind projects as early as next year, with Newfoundland and Labrador expected to follow soon. Both provinces are optimistic about the economic opportunities arising from this initiative, especially in light of growing global demand for renewable energy.