- Canada Breaks New Ground in Energy Market

Canada Breaks New Ground in Energy Market

Tuesday, 09 October 2007

The impressive growth in Canada’s energy sector led the country to collaborate with the United States and Mexico for a host of initiatives for developing the energy sector.

Thestar published that Canada has inked an energy innovation contract with US and Mexico to increase the joint development on energy front, which will give cleaner and better ways to utilize the energy.

Gary Lunn, the Canadian Natural Resources Minister, said, “Our government understands the importance of developing cleaner energy, more efficient ways to produce it and (ways to) use our conventional energy resources. That's why we are making substantial and strategic investments in energy science and technology”, as per the news published by Thestar.

The crucial role played by energy in Canada’s trade balance is shown even more in exports of energy-intensive goods, equipment, systems and expertise. The importance of energy sector in Canada’s economy is crucial by way of investment, employment, trade, and income generation. Energy sector in Canada contributes 6.8% of Gross Domestic Product (GDP) and 16% of its total investment. But there are noticeable regional disparities in the production and consumption of energy. The growth of Canadian energy industry is occurring at a steady pace. Therefore, several countries are planning to enter into an agreement with Canada’s energy sector.

The agreement defined a framework to encourage innovation in the field of science as well as technology on issues related to energy with a commitment to form a strong and unified energy link between three countries. Precise methods are to be identified to increase cooperation on research and development and to lessen hurdles in the deployment of new technologies across a variety of energy sector, and to achieve these objectives, exchange of scientific and technical personnel between Canada, US and Mexico will be initiated for joint studies and projects.

The RNCOS research analyst opines, “This first ever-trilateral agreement on energy, science and technology is the result of the collaborative efforts made by the three countries - Canada, United States and Mexico. It is a framework structured to encourage innovation to share and build capacity in all three nations. The agreement between the three countries will enhance cooperation on the energy initiatives, including fuel and hydrogen cells, clean coal and carbon dioxide capture and storage, biofuel production, small-scale hydropower and energy efficiency technologies, which will also improve the relationships, energy usage and the requirements of all three countries.

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