Business View-Oct 2023

101 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 10 According to the International Energy Agency (IEA), a pathway to net zero by 2050 without nuclear will be both slower and more expensive. Reaching net-zero emissions with less nuclear power than envisioned in IEA’s net-zero pathway could cost global consumers about $20 billion more a year by 2050. In its Canada Energy Futures 2023 report, the Canada Energy Regulator projects significant transformation for Canada’s electricity sector, with much of that transformation coming from growth in wind, hydro, natural gas with CCUS, bioenergy with carbon capture and storage (BECCS), solar – and nuclear. Nuclear energy is already an important part of Canada’s energy mix, and our country is uniquely placed to take advantage of major areas of growth that will be driven by the transition the world is going through toward a lower- carbon future. What we need at this moment is a thoughtful, collaborative, and ambitious economic strategy that will create wealth in every region in the country - while ensuring we achieve our ambitious and necessary climate goals. Canada began a legacy of nuclear excellence as the second country ever to produce nuclear power. Now, as a tier-1 nuclear nation with nearly 70 years of technological leadership, Canada has a full spectrum of nuclear capabilities that includes developing and exporting Canadian Deuterium Uranium (CANDU) reactors, pioneering developments in nuclear medicine, and developing a world- class regulatory system. The Canadian nuclear industry contributes $13 billion annually to our economy, provides 70,000 direct and indirect jobs, supports a supply chain with more than 200 small- and medium-sized enterprises, and exports $1.4 billion worth of uranium annually. Most of the country’s nuclear fleet is located in Ontario, where over half of all electricity is safely produced from CANDU reactors. Ontario was the first jurisdiction in North America to phase out coal power, thanks in large part to its substantial nuclear fleet. Nuclear energy has also been prominent in New Brunswick, where it supplies approximately 40% of the CANADIAN MINISTER OF ENERGY AND NATURAL RESOURCES - NUCLEAR province’s electricity, while uranium mining, refining, and fuel fabrication occur in Ontario and Saskatchewan. Thanks to Saskatchewan, Canada is home to the largest deposit of high- grade uranium on earth. We produce over 70 percent of the world’s supply of Cobalt-60, the most common isotope used in radiation therapy and medical equipment sterilization.