Strategic partnerships hold the key to Canada’s energy transition

Canada’s energy transition is business critical and evolving in real time

A recent EY survey of Energy Disruptors Unite (EDU) conference attendees from mining & metals, power & utilities and oil & gas showed that decarbonization, policy change and funding the energy transition is top of mind for organizations. 

When asked which topics, trends or disruptions they feel will have the greatest impact on their business respondents chose the transition to less carbon-intensive operations, renewable energy or improved energy efficiency as the number one topic that will have the greatest implications.

Government policies and regulations ranked second, with investor and government focus on funding the energy transition rounding out the top three concerns.

Prioritizing strategic partnerships can fuel progress at scale.

When asked about the parts of the business that need the greatest support or attention in light of the energy transition leaders surveyed put strategic partnerships at the top of their list.  Prioritizing strategic partnerships opens new pathways to accelerate the transition to lower carbon emissions.  Companies should also consider collaboration opportunities with organizations outside their traditional value chain such as technology, government, private equity and non-governmental organizations (NGOs).

Stronger partnerships can help close critical skills gaps.

Decarbonization requires significant investments in people and infrastructure alike as decarbonization at scale will affect highly paid, highly skilled workers more dramatically than other groups especially as baby boomers continue to exit the workforce.  That talent crisis is a severe threat to the innovation that is so badly needed if we’re going to effectively decarbonize and transition to a lower-carbon future. This is why the need for strategic partnerships, aligning efforts beyond the confines of your own organizations can turbocharge decarbonization efforts in Canada and beyond. 

Amplifying partnerships can accelerate necessary investments.

Aligning through strategic partnerships provides new ways for industry stakeholders to redouble efforts around key investment drivers that can attract funding in a world where the race for capital is increasingly competitive. Innovative strategic partnership frameworks can unify efforts to address meaningful areas like policy support and tax and industry regulation through a collaborative lens. In Canada, clean energy resource availability exists across wind, solar, hydro, geothermal and hydrogen. When private and public entities work together to maximize that potential, that underpins Canada’s future ability to meet growing customer demand from consumers, businesses and governments all looking to purchase increasingly green alternatives over time.

Canadian energy sector stakeholders understand the decarbonization challenge. They recognize the need to boldly invest in energy efficiency, new production technologies and high-quality offsets. They underscore the importance of talent and teams to deliver on strategy, communications that strengthen the narrative, and a shift towards lower carbon in the energy mix.