Renewable energy development promises to do far more than reduce global reliance on fossil fuels.
It could redraw political and economic maps worldwide.
A recent report from the International Renewable Energy Agency and the Global Commission on the Geopolitics of Energy Transformation notes, for example, that the shift to renewable energy, which is the main thrust of the 21st century’s energy transformation revolution, will reorder the balance of power between countries right down to neighbourhood energy grids.
A New World: The Geopolitics of the Energy Transformation concludes that China is at the forefront of global energy transformation, a leadership role that promises to improve its domestic energy security and reduce its dependence on oil imports.
With more than 45% of the global total, it is now the world’s top destination for renewable energy investment.
China also holds a 29% share of global renewable energy patents and is by far the biggest manufacturer of clean-energy products.
So it is poised to be one of the biggest winners in the energy transition sweepstakes.
Among the biggest losers could be some of today’s leading energy players, including Russia and the Middle East.
Without vigorous pursuit of renewable energy innovation, countries with economies that are highly dependent on fossil fuel exports will miss out on the new green economy opportunities.
Canada is in that camp.
Fossil fuel energy is fundamental to its economy. It also needs to be fundamental to ensuring that future generations benefit from Canada’s energy wealth. Renewable energy innovation and green power manufacturing will play a major role in that arena. But Canada lags far behind other countries. Its value-added clean-energy manufacturing sector ranks behind countries like Malaysia and Brazil.
That needs to improve if the energy wealth Canada possesses now is to be invested tomorrow in energy leadership initiatives that will solidify the country’s long-term energy security and economic growth.
