Canada passes legislation to seize offshore wind’s ‘enormous opportunity’

Bill C-49, ‘An Act to amend the Canada-Newfoundland and Labrador Atlantic Accord Implementation Act and the Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act,’ received Royal Assent on 3 October 2024.

In a statement, Natural Resources Canada said, “The offshore renewable energy sector presents a generational economic opportunity for Canada, with the global offshore wind market alone forecast to attract 1Trn dollars in investment by 2040. Canada, in partnership with Nova Scotia and Newfoundland and Labrador, is working to seize this unprecedented economic opportunity and create jobs for Atlantic Canadians.

“By harnessing the world-class wind resources in the Atlantic offshore, we are positioning Canada as the leading supplier of clean energy, including the clean hydrogen countries like Germany are looking to buy, while continuing to decarbonise our electricity grids here at home. This legislation advances the priorities identified through the Regional Energy and Resource Tables in Nova Scotia and Newfoundland and Labrador, including seizing the opportunity clean energy presents.”

Minister of Energy and Natural Resources Jonathan Wilkinson said, “Bill C-49 enables Atlantic Canada to seize the generational economic opportunity presented by offshore renewable energy. It will strengthen the economy, enable the creation of thousands of jobs and attract billions in investments in Nova Scotia and Newfoundland and Labrador.”

Nova Scotia Minister of Natural Resources and Renewables Tory Rushton said, “Bill C-49 is important to Nova Scotia meeting its offshore wind targets. Investors are lining up to harness our wind power and produce clean energy for green hydrogen and other uses. Now this bill has passed, along with our own provincial mirror legislation, we are well on our way to developing our offshore wind industry hand in hand with our federal partners, starting with issuing our first call for bids next year.”

Newfoundland and Labrador Minister of Industry, Energy and Technology Andrew Parsons said the bill, “ensures the necessary measures are in place to support offshore renewable energy opportunities; allows for a fiscal regime that provides the maximum economic returns to Newfoundland and Labrador; and furthers joint management of the offshore area while building upon the extensive expertise the Canada-Newfoundland and Labrador Offshore Petroleum Board has in managing offshore projects."

This legislation establishes a joint management regulatory framework for offshore renewable energy development and includes amendments to the Accord Acts that establish the framework to develop offshore renewable energy; change the Canada-Nova Scotia Offshore Petroleum Board’s name to the Canada-Nova Scotia Offshore Energy Regulator (CNSOER); change the Canada-Newfoundland and Labrador Offshore Petroleum Board’s name to the Canada-Newfoundland and Labrador Offshore Energy Regulator (C-NLOER); expand the mandates of the CNSOER and the C-NLOER to include the regulation of offshore renewable energy projects; improve alignment between the Accord Acts and the Impact Assessment Act (IAA); provide tools to support the government of Canada’s marine conservation agenda; and modernise the land tenure regime for offshore petroleum development.