Alberta’s ban on renewables could halt $8.24 billion funding: study
![Alberta's ban on renewables could halt $8.24 billion funding: study](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/03/1591.jpg)
According to a study released on Monday, Alberta’s prohibition on select renewable projects could jeopardize investments worth C$11.1 billion ($8.24 billion) and impede the development of up to 6.3 gigawatts (GW) of solar and wind power capacity.
The Pembina Institute, a clean energy think tank based in Alberta, highlighted that the new regulations could impact 42 projects and several thousand jobs.
Last month, the primary oil-producing province in Canada implemented restrictions on renewable energy ventures planned for valuable agricultural land.
It mandated the establishment of buffer zones to preserve scenic vistas from wind turbine installations.
Also read: Canada’s 2030 emissions goal at risk as businesses hesitate on low-carbon projects: report
The provincial government stated that exceptions may apply if developers demonstrate that crops or livestock can coexist with the project.
Canada ranks fourth globally in oil production, and the province is a frontrunner in renewable energy development. Some companies have criticized the ban, citing concerns about uncertainty and investment risks.
This stance has pitted Premier Danielle Smith’s provincial government against Prime Minister Justin Trudeau, whose Liberal government is crafting federal regulations requiring provinces to achieve net-zero greenhouse gas emissions from their grids by 2035.
Also read: Canada returns to green bond market with inclusion of nuclear power
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