Canada and Newfoundland and Labrador Move to Unlock Economic Potential of Offshore Wind
Canada News Centre
02 Jun 2025, 18:30 GMT+10
June 2, 2025 St. John's, Newfoundland and Labrador Natural Resources Canada
The offshore renewable energy sector offers Canada a once-in-a-generation economic opportunity, with the global offshore wind market expected to draw $1 trillion in investments by 2040. Boasting the world's longest coastlines, exceptional wind resources and a highly skilled labour pool, Atlantic Canada is ideally situated to capitalize on this extraordinary opportunity for economic growth and job creation.
Today, the Government of Canada, in partnership with the Government of Newfoundland and Labrador, is pleased to announce the coming into force of legislation to enable the development of offshore renewable energy in Newfoundland and Labrador. This follows the passage of the federal Bill C-49 in October 2024 and Newfoundland and Labrador's mirror legislation, Bill 90, in March 2025.
The Government of Canada is committed to its strong history of joint management with the Governments of Newfoundland and Labrador and Nova Scotia and will work together with them to unlock the enormous potential of offshore renewable energy collaboratively and responsibly.
This is part of the federal government's plan to make Canada an energy superpower and build the strongest economy in the G7.
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