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Canada Among The Weakest Performers In The Clean Energy Sector In 2015

March 1
10:08 AM 2016

The British Columbia Cleantech CEO Alliance, a group of investors and entrepreneurs, has warned the Canadian government on possible buyer role in clean technology. Lack of more support from the federal government in the clean energy sector has been cited as the reason behind the warning. A letter, addressed to the Canadian Prime Minister, Justin Trudeau, has been sent urging the government to do more for development of the sector.

Global spending in the industry, during the past ten years, has reached to $1 trillion. Canada's clean-tech sector has increased over the same period. But its share in the global clean energy tech has been eroding, reports CBC News.

Investment in Clean Energy has surged to $497 billion globally in 2015 compared to $5.4 billion in Canada. The investment is a 46% plunge from its previous year. Global investment has been increased from $420 billion in 2014.

However, one third of the global new investments have taken place in China. Spending in renewable energy sector has increased 7% in the US, 23% in India and 114% in Mexico, reports Desmog Canada citing a report of Clean Energy Canada.

The disappointing statistics have appeared even though Canadian governments have rushed to promote and subsidize clean energy. Canada has been lagging on renewable energy since provincial renewable power policies haven't produced long term certainty, according to a report published in Financial Post.

Prime Minister Justin Trudeau, provincial premiers and aboriginal leaders are scheduled to sit in a meeting in Vancouver this week. They will discuss on a pan-Canadian framework to meet greenhouse gas reduction emissions commitments made in Paris in December.

The framework will be developed considering the actions already taken by the provinces and territories, Trudeau has hinted during a February 10 statement. Clean Energy Canada has also revealed that unprecedented $367 billion has been invested globally in renewable energy during 2015. The Paris commitments have been expected to boost the momentum globally.

The Clean Energy Group has also disclosed that clean energy costs are getting down while production and experience increase. The subsidized energy cost in the US has come down to 61% since 2009 and utility scale solar photovoltaic to 82%. With further investments, the costs are expected to get down further.

Cost of clean energy production has been decreased every year with the increase of investment in this sector. Global investment in renewable energy sector has been increased to $497 billion in 2015 compared to $420 billion in 2014. However, Canada's investment in renewable energy sector has been witnessed to reduce, which has attracted criticism from the clean energy advocates.

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