Like it or not, the world around us is changing.
As governments around the world grapple with the challenges of economic recovery following a global recession, they must also confront the reality of climate change.
We know that many Ontario families have been affected by the world-wide recession. We know that we need to create new jobs, which is why we have introduced new tax reforms designed to encourage investment in our province and lighten the tax burden for Ontarians.
And we know our climate is changing. That is why our government began implementing an aggressive action to tackle climate change in Ontario, starting with some of the toughest Greenhouse Gas reduction targets in North America.
Most importantly, we recognized that an opportunity was presenting itself. We recognized that in order to move forward, we were going to have to be innovative and competitive in the emerging new economy. And we recognized that the world was “going green.”
This is why we introduced the Green Energy Act. This landmark legislation is designed boost investment in renewable energy projects and increase conservation, while also creating green jobs and economic growth to Ontario not just for today, but also for the future.
Recently, our government has taken a historic step forward in our efforts to create a green economy for Ontario. We have signed an agreement that will help Ontario become a global green energy hub, provide long-term value to the people of the province, create new green jobs, kick-start our green manufacturing industry and at the same time open Ontario’s doors to the North American renewable energy marketplace.
Our government has signed an agreement with a consortium led by Samsung C&T Corporation and the Korea Electric Power Corporation (KEPCO), which will invest $7 billion in Ontario to generate 2,500 megawatts of wind and solar power over the next six years. These projects will triple Ontario’s output from renewable wind and solar sources and provide clean electricity to more than 580,000 households.
The investment will also lead to more than 16,000 new green energy jobs to build, install and operate the renewable generation projects.
The Korean consortium will also work with major partners to attract four manufacturing plants, leading to the creation of 1,440 manufacturing and related jobs building wind and solar technology for use in Ontario and export across North America.
This agreement will lead to the generation of approximately 110 million megawatt hours of emissions-free electricity over the lifespan of the contracts – enough power to supply every home in Ontario for three years. Plus, it will displace 40 megatonnes of C02 – the equivalent to removing every single car off Ontario roads for one year.
This is the single-largest investment in renewable energy in provincial history.
It will deliver more green energy for Ontarians to use, and create more green energy products for North America to buy.
This agreement firmly establishes Ontario as the leader in green energy manufacturing in North America, creating jobs for our families and preserving our environment for generations of Ontarians to come.
For more information on the Green Energy Act, contact my Constituency Office at 416-630-0080.