Firstly, the Ontario government is increasing funding for the province’s energy efficiency programs by $342 million.
Secondly, this movement brings the total investment to more than $1 billion.
With strong economic growth and electrification increasing system demands, the IESO is committed to meeting growing system needs and ensuring grid reliability by enhancing energy efficiency programming.
Lesley Gallinger, president & CEO of Independent Electricity System Operator.
Funding for energy efficiency
Moreover, this funding will support a new voluntary Residential Demand Response Program. They will give an incentive for homes with an existing central air-conditioning or heat pump unit and smart thermostat. This will help to lower energy use at peak times and lower bills.
As well they will provide targeted energy-reduction support for greenhouse growers in Southwest Ontario.
By 2025, this expansion of energy efficiency programs will help deliver enough annual electricity savings to power approximately 130,000 homes annually. Moreover it will reduce costs for consumers by over $650 million.
Todd Smith, Minister of Energy.
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Expectations
The government expects these new power efficiency programs to be available in Spring 2023.
Using less energy is better for people and our planet. It’s also one of the fastest and most effective ways to save money, address climate change and help ensure we can continue to generate the clean, renewable and affordable electricity needed to meet the province’s long-term needs.
David Piccini, Minister of the Environment, Conservation, and Parks.
Also, the overall savings from this program will result in an estimated three million tonnes of GHG emission reductions over its lifetime.
Energy efficiency is one of the most reliable and cost-effective approaches to ensuring reliability on the grid. By using energy wisely, we simultaneously increase opportunities to support electrification initiatives and decarbonization efforts.
Gallinger.
Finally, the investment in this type of programs will help offset the need for new electricity generation facilities.
Energy in Canada
Innovation in the fields of housing, building, communities, industry, and transportation can take advantage of the benefits of energy efficiency, such as lower energy costs, cutting emissions, improving operating performance, and increasing asset values.
Canada ranks number one among the world’s largest oil reserve holders on Environmental, Social, and Governance (ESG) performance. That is according to rankings derived from independent studies by Yale, the World Bank, and other independent organizations.
Canada’s oil and gas sector has invested billions in the research and development of clean technologies. Meanwhile, average emissions per barrel in the oil sands have been going down each year for more than a decade, and total emissions are expected to start going down in the next five years.
It is also a leader in methane emissions reduction. Alberta’s oil and gas industry reduced total methane emissions by 34% between 2014 and 2020, and producers across the country are expected to meet the target to reduce emissions by 40-45% in 2025.
Carbon capture, utilization and storage (CCUS) technology is already in use in Canada. And a massive expansion of the technology is now in its early stages. CCS is a key part of how Canada’s oil sands industry plans to achieve its goal of net-zero emissions by 2050.
