(Toronto, ON) In response to the Ontario Government’s release of Budget 2024, Merran
Smith, President at New Economy Canada, released the following statement:
“The global shift to a clean economy is happening now, and while Budget 2024 largely focuses on affordability and housing, it also recognizes the need to double clean electricity supply by 2050 and invests $100 million in skills development to prepare Ontario’s workers for the future. However, Budget 2024 still falls short of taking the proactive steps needed to attract investment and help Ontarians compete and win in the clean economy.
For the past three years, Ontario has been a proof-point that the global shift to a clean economy can attract capital and create jobs. In the automotive and EV-battery sector alone, the province has attracted more than $28 billion in investments, which will create more than 12,000 jobs. The Province also partnered with two of the largest steelmakers to invest hundreds of millions of dollars to implement innovative technology that will massively reduce emissions and protect thousands of good jobs.
To continue this momentum, dedicated action is required to enhance Ontario’s competitive advantages and show the world the province is open for business. That includes doubling clean electricity supply, increasing Indigenous equity ownership, developing a clear investment attraction strategy, and giving Ontario workers the tools to thrive—for which Budget 2024’s $100 million investment in skills development is a positive step.
Budget 2024 accurately projects the need to double electricity capacity by 2050 to simultaneously power millions of homes and to attract jobs and investment in the clean economy, particularly in sectors like manufacturing, mining, electric vehicles, and batteries. To that end, Ontario’s previously announced support for nuclear refurbishments, for small modular reactor demonstration projects, for clean energy storage projects, and for expanding electricity transmission to Indigenous communities are all steps in the right direction.
However, the global race for investment dollars is on, and for Ontario to continue its record of success, more needs to be done, faster.”