A global energy transition that will disrupt some of Canada含羞草研究社檚 major industries has already begun, according to a new report that says the country also risks not getting its foot in the door of emerging and changing industries.

The Pacific Institute for Climate Solutions (PICS), hosted at and led by the University of Victoria, was part of the partnership that crafted the report 含羞草研究社� Canada含羞草研究社檚 Future in a Net-Zero World. The Smart Prosperity Institute and Transition Accelerator were also contributors to the report, which was informed by experts in climate solutions and market analysis.

While the partnership said Canada has taken significant strides to prepare for a low-carbon global economy, it found the country is falling behind its major trading partners in readying the economy for rapidly forming supply chains. The report points to how European governments have already advanced initiatives on hydrogen, batteries, buildings, agriculture, public transportation and the circular economy.

It also notes that Canada could become less competitive on the global stage in sectors that it含羞草研究社檚 currently good at if action isn含羞草研究社檛 taken. For example, Australia is highlighted because it含羞草研究社檚 already taking action on an investment roadmap for the same carbon-neutral industries where Canada has said it wants to be a market leader.

Government investment in clean industries has, so far, focused too heavily on one-off grants for individual companies, the report found. It recommends a shift to 含羞草研究社渋nnovation clusters,含羞草研究社� where stakeholder and industry groups would work together and align their sustainable investment and policy goals.

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The report identified seven priority clean growth opportunities for Canada, including: manufacturing larger zero-emission vehicles, greener chemistry (biofuels, plastics, fertilizers), green and blue hydrogen, carbon capture, alternative proteins, mass timber and net-zero aluminum refining.

The report notes that these avenues should in no way be considered a finalized list. Instead, the seven opportunity areas were identified because they build off the strengths of major pillars of Canada含羞草研究社檚 current economy. Those pillars include the automotive, aerospace, oil and gas, mining, forestry, steel, agriculture and chemicals sectors.

Canada含羞草研究社檚 proximity to the United States, existing auto manufacturing and largely clean electrical grid mean the country can be a leader in producing medium to heavy-duty electric vehicles, the PICS partnership found. But it added the market is expected to grow quickly, so there含羞草研究社檚 a narrow window for Canada to insert itself into the nascent supply chains.

Overall, the report calls on Canada to ditch its fragmented approach to the industrial transition and present a more coordinated strategy to reach economic prosperity in the 2050 marketplace.

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