r/ClimateCrisisCanada

Ottawa will provide $10 billion in financing to upgrade and expand the Churchill Falls generating station, develop the Gull Island hydroelectric project, build transmission lines and implement a 2,000 MW onshore wind energy project in Labrador — with the exact location and other details for that wind project under consideration by Newfoundland and Labrador Hydro.

According to the federal government, altogether these projects represent the largest clean energy investment in North American history — valued at nearly $70 billion — and will nearly triple the current generating capacity of Churchill Falls, with enough power to light, heat and cool all the homes in Toronto, Montreal and Vancouver combined.

Every oil price spike looks like an argument for exporters to be drilling more. Importers are drawing the opposite conclusion: the 2022 crisis gave Europe REPowerEU, which aims to expand clean energy and reduce dependence on Russian fuels. As importers face another crisis in 2026, clean energy alternatives are proving ready to present them with an opportunity to finally break free of oil price shocks. With Canada moving to expand oil and gas on the back of the Strait of Hormuz crisis, it risks boosting fossil fuel supply for an increasingly shrinking market that is looking to get off the rollercoaster once and for all.