Solaires Team | Victoria, B.C. | September 2021
Net-zero is the new normal. Reaching it by 2050 is the world’s chance in beating back climate change. But what does it mean to go net-zero? A net-zero economy is reached when there is a balance between the amount of greenhouse gases entering and the amount removed from the atmosphere. Simply put, the input and output are balanced: the sum of all greenhouse gases becomes zero.
If we miss this window of opportunity, the global impact can be devastating, not only for those already affected by climate change but also for future generations to come. A host of countries have announced major commitments to significantly reduce their carbon emissions. It is a large, complex task that requires global collaboration, commitment, and ambitious actions to be adopted right now.
“No issue ranks higher than climate change on our clients’ list of priorities and there is no company whose business model won’t be profoundly affected by the transition to a net-zero economy.”
- Larry Fink, head of BlackRock in his 2021 letter to CEOs
Alongside more than 100 countries, Canada has joined global efforts in limiting the global temperature rise by becoming net-zero by 2050. In a new report from the International Institute for Sustainable Development (IISD) that reviewed Canada’s progress, they indicate that Canada must accelerate their efforts or they risk falling behind.
Canada is highly dependent on fossil fuels, which account for more than 70% of the energy consumed in our nation. So, how can Canada make this transition to net-zero in theory and in practice?
A recent article by Innovating Canada outlines the 7 ways to win the global race to net-zero:
Improvements in energy efficiency
Massive electrification of products and processes
Expansion of clean electricity, with significant growth in renewables
Development of low-carbon fuels
Decarbonization of heavy industry
Investments in nature
Negative emissions technologies
This ambitious goal demands systematic cooperation across all sectors and Canada has what it takes. We have a strong national alignment with everyone recognizing the urgency of addressing climate change and willing to take action. The question is, how do we proceed with tackling this challenge?We need to focus on the transition to carbon-free energy systems. The key to powering economies with clean energy is using renewable energy sources like solar. The good news is that the technology exists to help us reach net-zero. Plus, renewable energy like solar is not only cleaner but abundant and more affordable.
We are all responsible as individuals to act. We need to invest in solutions that are commercially viable today, while encouraging emerging technologies that have the potential for significant carbon reduction. Our long-term decarbonization strategy would rely on these emerging technologies and their deployment is dependent on new investments.
In this journey to net-zero, Canada needs to accelerate its efforts to achieve this goal and will prosper in this process. The race is on and Canada should be at the international forefront, leading.
Solaires Entreprises Inc. has announced the opening of their pre-seed round of $2M USD on Sept 1st, 2021. Join Solaires in their Due Diligence meetings to learn more about their Go-to-Market (GTM) Strategy, Technology, Financials, and Data-room. Contact the team at email@example.com for event dates and registration details.
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