Cutting fossil fuels could save Canadians $24 billion a year by 2050

“We are still seeing efficiency standards for many buildings either weak or nonexistent.”


IEA executive director Fatih Birol speaks with attendees at the Clean Energy Ministerial in Vancouver on May 29, 2019 before he gave opening remarks to the gathering of 25 countries. Photo by Jennifer Gauthier

Canadians could save as much as $24 billion annually by 2050 by scaling back the use of fossil fuels to heat and cool their buildings and deploying a range of low-carbon and energy efficient technologies, according to a new joint study by a federal regulator and an international agency.

These tens of billions of dollars a year in savings would come on top of cutting energy demand by as much as 35 per cent and could be achieved through the use of existing technology, say the National Energy Board (NEB) and the International Energy Agency (IEA) in their new research.

But in order to deliver on “the energy savings potential and related emissions reduction,” Canada will need “additional policy signals” like carbon pricing and tightened energy performance requirements for buildings, they say.

That’s in part because abundant and cheaply priced natural gas in Canada poses a “particular challenge” to cutting carbon pollution and reducing energy demand in homes and offices.

“Policy support is needed to encourage shifts to efficient heat pumps in regions where natural gas and electricity prices mean there may be little economic incentive to change equipment,” the report states.

The joint report was published the same day the IEA’s executive director delivered a sobering message in Vancouver about the state of the world’s clean energy transition, in remarks to a gathering of ministers from 25 countries. MORE

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