PM Carney announces largest clean energy investment in North American history

Aug 18, 2026 07:25 AM - 4 weeks ago 7

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Prime Minister Carney announces the largest cleanable power finance successful North American history

St. John’s, Newfoundland and Labrador

In a much vulnerable and divided world, Canada’s caller authorities is focused connected what we tin control: building a stronger, much independent, and much sustainable country.

Canada is starting from a position of strength. We person what the world wants. We person the earthy resources, captious minerals, and cleanable powerfulness that will build this century. We person the workers and the ingenuity to move that imaginable into strength. We understand we tin build faster and bigger erstwhile we activity together. And we person trust, the astir valuable commodity successful an progressively volatile, unreliable world.

We person everything we request to build the early we want.

Today, the Prime Minister, Mark Carney, alongside the Premier of Québec, Christine Fréchette, the Premier of Newfoundland and Labrador, Tony Wakeham, and the CEOs of Hydro-Québec and Newfoundland and Labrador Hydro, announced a historical agreement to upgrade and grow the Churchill Falls Generating Station and create the Gull Island task and related transmission, building 1 of the largest energy projects successful North America.

As portion of this agreement, the national authorities will provide $10 billion successful national financing to:

Upgrade and grow the Churchill Falls Generating Station.
Develop the monolithic Gull Island hydroelectricity project.
Unlock co-investment opportunities pinch the Innu of Labrador successful a awesome caller Labrador onshore upwind project.
Build associated transmission lines.

Together, these projects correspond the largest cleanable power finance successful North American history, astatine astir $70 billion. They will make 14,000 megawatts of clean, renewable powerfulness – astir tripling the existent generating capacity of Churchill Falls. That is capable powerfulness to light, heat, and cool each the homes successful Toronto, Montréal, and Vancouver combined. These projects will support 23,000 jobs – from the skilled trades to engineering – and lend $31 billion to Canada’s GDP done the early 2040s.

The Labrador Trough is simply a world-class mining region crossed Newfoundland and Labrador and Québec, pinch important sources of high-purity robust ore. To harness this strategical plus and create high-paying careers for Canadian workers, the authorities announced the referral of the Labrador Trough Clean Power, Critical Minerals and Infrastructure Corridor to the Major Projects Office (MPO). The MPO will coordinate and building national financing, accelerate permitting requirements, and activity pinch Indigenous Peoples to forge meaningful partnerships.

In addition, Canada’s caller authorities will support strategic, pre-development projects successful the Labrador region, funded nether the First and Last Mile Fund (FLMF) done Natural Resources Canada. This includes the pursuing projects:

Labrador West Transmission Expansion to measure the transmission infrastructure needed to link captious minerals mining operations successful occidental Labrador to the energy grid, supporting location opportunities and excavation electrification.
Kami Iron Mine Partnership’s task to undertake readying and feasibility activity for the proscription and power infrastructure required for the large-scale Kami robust ore task adjacent Wabush, Newfoundland and Labrador.
Focus Graphite’s project to undertake pre-construction activity for a caller transmission statement and roadworthy connecting the Lac Knife graphite task to Hydro-Québec’s powerfulness grid, advancing the improvement of projects that will support the artillery and power retention technologies this state and our friends need.
SFP Pointe-Noire’s task to grow captious minerals handling capacity and related obstruction infrastructure, strengthening a cardinal proscription gateway for mining accumulation successful the Labrador Trough.

We are making Canada the champion spot successful the world to build and put successful cleanable energy. By combining the Clean Economy Investment Tax Credits, businesslike task approvals, practice agreements pinch provinces and territories, strategical investments, and charismatic financing, we are giving builders the certainty to build large and move fast.

Today’s statement realises the tremendous imaginable of Canada when we build together.

This is cooperative federalism astatine work.

In a much vulnerable and volatile world, we’re choosing to build clean, affordable, and reliable power systems, successful business pinch each Canadians, for each Canadians.

Quotes

“Canada is extending its unsocial advantage successful clean, reliable, and affordable power. Because erstwhile we maestro energy, we maestro our destiny. Through cooperative federalism, we are unlocking our immense potential, building big, building sustainably, building successful partnership, and building Canada beardown for all.”

“In the existent geopolitical context, it is captious for each federation to unafraid its power future. I americium very proud to denote coming the conclusion of this caller agreement, which is simply a privilege for Québec, peculiarly for generations to come. Through this partnership, we are supporting the power modulation and enabling the maturation of our system done renewable energy, while ensuring our power independence.”

“This is simply a win-win-win for Newfoundland and Labrador, the national government, and Québec. I want to convey Prime Minister Carney and Premier Fréchette for their activity passim this process. We are yet replacing the notorious 1969 Churchill Falls woody and the 2024 MOU pinch a caller woody that will guarantee america much power, much value, and much transmission. Newfoundlanders and Labradorians will yet beryllium the superior beneficiary of our ain resources, pinch complete power complete whether we usage our powerfulness to create our system aliases waste to extracurricular markets. Today is not astir what we tin tear up, it’s astir what we tin build up. It is now clip for america to rotation up our sleeves and get to activity to build a amended and brighter early for each of us.”

Quick facts

Today’s statement is the largest cleanable power finance successful North American history, astir tripling the existent generating capacity of Churchill Falls. Together, these projects will present 14,000 megawatts of clean, renewable power, support 23,000 jobs successful the building shape alone, and lend $31 billion to Canada’s GDP done the early 2040s.
The statement advances:
- Canada’s National Electricity Strategy, which intends to double the capacity of our grid by 2050 and proviso clean, reliable, affordable powerfulness crossed the state for decades to come.
- The Atlantic Energy Strategy, which was referred to the Major Projects Office successful the autumn of 2025. The Strategy focuses connected processing renewable and non-emitting power crossed Atlantic Canada – onshore and offshore wind, nuclear, and hydro – to meet quickly increasing request crossed Eastern and Atlantic Canada and beyond.
Today’s investments fortify the interprovincial grid and the export infrastructure that transportation clean, affordable powerfulness and Canadian resources to markets astatine location and abroad.
The Labrador Trough is simply a world-class mining region stretching crossed Labrador and Québec. With important sources of high-purity robust ore, it is simply a strategical plus for decarbonising world alloy proviso chains, reinforcing Canada’s activity successful some renewable power and captious minerals, and giving Canada a important competitory advantage successful the modulation to a cleaner economy.
- Strategic, pre-development projects successful the Labrador region will beryllium supported done the First and Last Mile Fund (FLMF). The FLMF is backed by $1.5 billion successful national backing announced successful Budget 2025. It supports infrastructure that unlocks caller mines and moves Canada’s resources to customers astatine location and abroad. Recognising that astir captious minerals deposits and enabling infrastructure projects successful Canada are located connected Indigenous territories, the FLMF makes circumstantial backing disposable to alteration Indigenous leadership, engagement, and information passim the mining worth chain.
On cleanable energy, Canada already leads from a position of strength: the lowest residential energy costs successful the G7, the second-lowest business energy costs successful the G7 and the OECD, and the second-highest stock of cleanable energy procreation successful the G7. Today, astir 80% of Canada’s energy procreation is non-emitting.
To build connected that advantage, Canada’s caller authorities is advancing strategical investments successful the modernisation and description of the country’s energy infrastructure, including:
- Major Clean Economy Investment Tax Credits for cleanable electricity, cleanable technology, and c capture, utilisation, and storage.
- Strategic financing done the Canada Infrastructure Bank (with a $20-billion cleanable power target), the Canada Growth Fund, and the Indigenous Loan Guarantee Program (envelope doubled from $5 billion to $10 billion).
- A caller Productivity Super-Deduction, enhanced taxation incentives covering each caller superior investment, which allows businesses to constitute disconnected a larger stock of the costs of these investments correct away.