Inside Canada’s Breakout Year for Clean Energy Investment
by Dan Roscoe, CEO of Roswall
In 2024, Canada’s clean energy economy hit a new stride, for the first time placing eighth globally in energy transition investment.
According to BloombergNEF’s Energy Transition Investment Trends 2025, Canadian investment in clean energy technologies and infrastructure grew by 19%, reaching $35 billion USD. The numbers are encouraging. But what do they really tell us about where Canada’s energy future is headed—and where more opportunity lies?
A Breakout Year for Clean Energy Investment
While global energy transition investment rose by just over 10%, Canada’s 19% increase outpaced the average and signaled growing alignment between federal policy, provincial initiatives, and private capital. In a year when total global clean energy investment crossed $2.1 trillion USD, Canada’s $35 billion may seem small by comparison. But in context, it marks a significant milestone.
This was the first year Canada ranked among the top 10 countries worldwide in energy transition investment. That ranking is more than symbolic. It indicates that Canada is no longer on the margins of the global clean energy race—we’re now part of the main event. The investment came across multiple sectors, but the sharpest growth occurred in clean electricity generation, grid modernization, and electrified transportation.
These are mature and deployable technologies, and they are beginning to scale at speed. In other words, the energy transition in Canada is no longer theoretical. It’s happening.
Where Canada Is Leading Today
The most visible progress came in renewable energy deployment. Utility-scale wind and solar projects continued to expand, particularly in Alberta, Ontario, and Quebec, driven by competitive power purchase agreements and increasingly favourable economics. In Atlantic Canada, offshore and onshore wind is gaining traction, with Nova Scotia and Newfoundland positioning themselves for future export potential.
Alongside generation, grid infrastructure investment increased to enable more renewable integration and greater regional interconnection. Transmission upgrades are becoming a foundational piece of the energy transition, and Canadian provinces are beginning to align their planning with the realities of a cleaner, more electrified grid.
Meanwhile, electrified transportation also showed momentum. Electric vehicle (EV) sales continued to climb, supported by federal and provincial incentives, charging infrastructure buildout, and a growing consumer shift toward cleaner transport options. Public transit agencies and commercial fleets also began electrifying in earnest.
Together, these investments reflect the core of Canada’s current leadership: scalable, proven technologies that are delivering real emissions reductions and setting the stage for broader transformation.
Where Canada Still Needs to Build
Despite the progress, Canada’s investment profile remains uneven. Some of the most talked about sectors—including hydrogen, carbon capture, and low-carbon industrial innovation—remain underdeveloped in terms of capital deployment.
Hydrogen, for example, has garnered significant attention in national strategy documents, yet large-scale production, infrastructure, and end-use applications remain limited. Similarly, while carbon capture, utilization, and storage (CCUS) projects have been piloted, widespread deployment is still years away.
Canada’s heavy industries—steel, cement, aluminum, and others—face steep challenges in decarbonizing. Investment in next-generation technologies for these sectors is critical if we are to remain competitive in a global economy that increasingly values low-carbon goods. These are not just emissions problems; they are market positioning challenges.
To lead in the decades ahead, Canada must broaden its investment portfolio. That means putting more capital into emerging technologies, early-stage projects, and commercialization pathways that can scale in the 2030s and 2040s.
What This Means for Nova Scotia
For provinces like Nova Scotia, the national momentum creates a moment of significant opportunity. With abundant wind resources, a supportive policy environment, and growing interest in electrification, Nova Scotia is well positioned to lead in the clean power economy. The province’s ability to attract capital will depend in part on the strength of its infrastructure. Upgrading grid systems, expanding transmission capacity, and enabling interprovincial connections will be essential to fully realizing the economic potential of renewable energy.
At the same time, clean electricity is increasingly becoming a competitive advantage for industries and communities. Whether it’s manufacturing, green hydrogen production, or clean data infrastructure, the places with the cleanest, most reliable power will attract the next wave of investment.
Nova Scotia has already demonstrated leadership through projects like the Renewable to Retail program and early-stage offshore wind development. Now, with the federal investment landscape shifting and international demand for clean energy rising, the opportunity is to scale up and signal to investors that the region is ready to lead.
Momentum and the Road Ahead
Canada’s breakout year in clean energy investment is a signal that the transition is moving from ambition to action. But sustaining that momentum will require a new level of coordination, speed, and commitment.
We must continue scaling up what works: renewables, electrification, and infrastructure modernization. At the same time, we must move faster to commercialize emerging technologies and bring next-generation solutions to market. Grid-scale storage, and low-carbon industrial innovation can’t remain future goals. They must become current priorities.
With thoughtful policy, strong partnerships, and continued private-sector investment, Canada can translate this year’s progress into long-term leadership. The global energy transition is already underway. The only question now is how far—and how fast—we want to lead.
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Dan Roscoe is the CEO of Roswall Development, a renewable energy developer, and President of Renewall Energy, a renewable energy provider, both based in Halifax, Nova Scotia. His work is focused on building the infrastructure for a cleaner, smarter energy future across Canada and beyond.