‘Low Carbon’ is Key to Quebec’s Resilience and Prosperity
The success of the current economic recovery will be influenced by Quebec’s ability to capture its share of the low-carbon economy estimated globally at US $ 26 trillion by 2030.
Montreal, June 5, 2020 – QNP today publishes a mapping of the low-carbon economy ecosystem in Quebec. At a time when recovery from the shock of COVID-19 is underway, it is crucial to recognize the acceleration of the global low-carbon economy and integrate this perspective into the province’s investment, infrastructure and economic development strategies.
That is why QNP is publishing a map of Quebec’s low-carbon economy ecosystem today. This visual representation highlights promising sectors and key existing and emerging levers that Quebec can leverage to create wealth and jobs, while accelerating its transformation toward a more just, healthy, prosperous, and resilient future.
This new perspective provides a basis for developing a ‘Green Growth Index’ for Quebec which will provide key insights to understand the current value of the low-carbon economy in Quebec, establish the value of its wealth creation and jobs as well as its growth potential.
“In a world undergoing decarbonization, it is crucial for Quebec decision-makers to recognize the strategic assets at our disposal and to better understand the scope of the vibrant low-carbon ecosystem in order to make more informed decisions about investment, infrastructure, and economic development,” emphasizes Anne-Josée Laquerre, President and co-founder of QNP.
“This perspective also highlights the potential synergies that could help mobilize Quebec’s resources, technologies and innovations in response to global challenges and attract new investments and talents here, as in the case of Artificial Intelligence,” she adds.
The mapping provides an overview of key focus areas for wealth and job creation. For example, energy is one of the most significant challenge around the world while it is also one of the greatest strengths of Quebec. Unexpectedly, the province’s economy also ranks amongst the worst in the world when it comes to ‘energy productivity’. Integrating the concept of ‘energy productivity’ into the recovery plans would promote the productivity of a crucial resource, energy, and would accelerate the decarbonization of Quebec while stimulating the economy.
The mapping also facilitates the identification of key stakeholders from a sector that could work together, in a spirit of “coopetition” – a healthy cooperation between competitors – to maximize benefits for all Quebecers. For example, players in the energy sector could rethink the supply in order to provide each local business with the right energy, in the right place, at the right time with the common aim of optimizing the creation of wealth and jobs while fueling the manufacture of low-carbon products throughout the province. Our companies would then become suppliers of choice on local and especially, international markets.
The low carbon perspective also allows us to anticipate the most strategic uses of our key assets such as
hydroelectricity. For example, the surplus of renewable energy generated by energy efficiency could be offered to new entrants generating the most economic spinoffs for Quebec. The more economic benefits these strategies generate, the more we will be able to support a transition to greater energy efficiency through financial incentives to reinvest in new, more productive, efficient and low-carbon technologies and processes.
The ongoing economic recovery is an opportunity to initiate these low-carbon “virtuous circles.” The more Quebec invests in innovative solutions, the more it will catalyze an ecosystem of companies that will together form a global showcase facilitating their export around the world, in addition to attracting further investment and talent in this field,” emphasizes Michael Novak, founding director of QNP.
“Mapping is a first step in identifying Quebec businesses and sectors that benefit from a carbon advantage and should be supported as part of the recovery effort to ensure their continuity, growth, and exports,” concludes Alexandru Iordan, Vice President and co-founder of QNP.
ABOUT QNP
QNP is a think tank whose purpose is to raise awareness, equip, and mobilize Quebec businesses to seize business opportunities in the low-carbon economy, go beyond mitigating their negative impacts, and recognize their enormous potential to create positive impacts on society and the environment. Quebec is one of the very few jurisdictions in the world that produces nearly 100% renewable electricity. The organization aims to help businesses capitalize on this asset, as well as other key advantages Quebec has to offer, to seize low-carbon business opportunities and create wealth and jobs, while optimizing their impact on reducing emissions on a global scale.
Inspired by the “net positive” project initiated in Europe, QNP aims to ensure that companies realize their full potential to collectively generate net positive impacts for people and the planet by reinvesting more in the global system than they take out. This approach is also a powerful way to generate and evaluate results in line with the United Nations Sustainable Development Goals and the Paris Climate Agreement.