Business View-Oct 2023

104 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 10 international partners on global regulatory harmonization. These investments are in addition to the ongoing $1.2 billion revitalization of the federal Nuclear Laboratories at Chalk River. Around the world, nuclear power has helped avoid about 55 Gt of CO2 emissions over the past 50 years — the equivalent of two years of global energy-related CO2 emissions. As a reliable source of non-emitting energy, nuclear provides roughly 10 percent of the world’s electricity. And this is a space in which Canada can play an important role - to export natural resources and technology to the world. Today, we’re seeing growing international interest in our nuclear industry from countries like Romania, looking to refurbish their own CANDU reactors and build new reactors, while countries such as Poland, Estonia, Latvia, the Czech Republic, Kenya, and Ghana have expressed strong interest in Canada’s nuclear technologies. The message here is clear: nuclear is not a silver bullet to address the threat of climate change. It is and will be an important part of Canada’s low- carbon energy mix and will continue to play an important role in achieving Canada’s low-carbon future. Nuclear, including SMRs, will continue to complement and enable variable renewables, such as solar and wind. It is a safe, well-regulated, non-emitting energy source that can provide a reliable and affordable source of power to fill a rapidly growing demand for electricity. Canadians understand the advantages of nuclear energy. And in every province and territory, they understand the reality of what type of world we will be leaving our children if we do not achieve a net zero world by 2050. As I said, nuclear is not, on its own, a climate strategy nor is it a silver bullet to combat climate change. It is, however, one component of an overarching strategy that seeks to make significant emissions reductions on a pathway to net-zero and it does so in a manner that ensures Canada’s continued and future prosperity.