A point exacerbated by the United States’ withdraw from the Paris Accord. Canada, on the other hand, accelerated its targets by developing a plan to achieve net-zero emissions by 2050 based on a series of five-year emissions reduction milestones.
In this year’s World Energy Markets Observatory, we explore the divergence of these two North American powerhouses on the matter of climate change, as well as their response to COVID-19. Here we present practical ideas for how utilities, policymakers and private companies can embrace a strategy that balances these priorities in the pursuit for a “better normal.”
- U.S. CO2 emissions are projected to fall 11% in 2020—the largest decline since 1949—due to the industrial slowdown related to COVID-19.
- Canada revised its anticipated emissions for 2030 to be 227Mt below the rate projected in 2015—an unprecedented level of emissions reduction.
- The U.S. installed ~20.2 GW of renewable capacity in 2019, up 2.3 GW from 2018—the second-highest year on record.
- U.S. renewable energy generation is expected to surpass coal-generated energy in 2020.
- Canada is set to retire 5 GW of coal-fired capacity by 2028—another step toward their 2050 net zero goal.
- U.S. became a net natural gas exporter, averaging 5.2 Bcf/d.
- Corporate purchase power agreements (PPAs) procured a record-breaking 13.6 GW of clean energy capacity, as led by Google, AT&T and Walmart.