Methodology

1. Climate Action Barometer

How the Barometer was constructed

The Barometer is constructed using a two-step approach. For each theme, we sum up the values of all progress indicators, on an annual basis. We then index the aggregate values to the baseline year and apply each theme’s weight to the indexed value to derive an annual thematic score. All the thematic scores, for each year, are then added together to derive a single annual score. Each theme’s weight in the Barometer, a description of its progress indicators, and additional thematic specific calculations are discussed below.

How to interpret the Barometer score

The Barometer’s starting value is 100, starting from 2019. Increases in its value, in subsequent years represents a percentage change from 2019, the baseline year. For example, the 2024 score of 207 represents a 107% cumulative increase in climate action across all five themes, since 2019.

2. Sectoral Climate Action Indices

Acknowledgements

We thank the following individuals for their insightful conversations and support with technical analysis:

• Nidhi Sood Abbi, Vice President, Energy and Power, Marsh
• Betsy Agar, Program Director, Buildings, Pembina Institute
• Maurcio Alanis, Director, Sustainability Strategy & Regenerative Agriculture Lead, Maple Leaf Foods
• Frank Annau, Director of Product Stewardship, Fertilizer Canada
• Dale Beugin, Executive Vice President, Canadian Climate Institute
• Leah Blechschmidt, Agriculture Corporate Engagement Advisor, Nature United
• Herbert Crowther, Analyst, Energy, Climate & Resources, Eurasia Group
• Ben Dachis, Vice President of Research and Outreach, Clean Prosperity
• Erin Daly, Project Manager, CanN2ONet at the University of Guelph
• Gurbir Singh Dhillon, Prairies Agriculture Program Manager, Nature United
• Corey Diamond, Executive Director, Efficiency Canada
• Jason Dion, Senior Research Director, Canadian Climate Institute
• Ronnie Drever, Senior Conservation Scientist, Nature United
• Joanna Eyquem, Managing Director, Climate-Resilient Infrastructure, Intact Centre on Climate Adaptation
• Blair Feltmate, Professor; Head, Intact Centre on Climate Adaptation, University of Waterloo
• Wilson Fink, Advisory Services Manager, Viresco Solutions
• Bryan Flannigan, Executive Director, Building Decarbonization Alliance, The Transition Accelerator
• Evan Fraser, Professor and Director of Arrell Food Institute, University of Guelph
• Les Fuller, Agriculture Strategy Director, Nature United
• James Gaede, Research Manager, Efficiency Canada
• Bradford Griffin, Simon Fraser University
• Mark Hutchinson, Senior Vice President, Green Building Programs & Innovation, Canada Green Building Council
• Anna Kanduth, Director, 440 Megatonnes, Canadian Climate Institute
• Boyd Koldingnes, CEO, CultivateCI
• Roland Kroebel, Research Scientist, Agriculture and Agri-Food Canada
• Ross Linden-Fraser, Senior Research Associate, 440 Megatonnes, Canadian Climate Institute
• Peter McArthur, Chair, Ontario Clean Technology Industry Association (OCTIA) & Chair, Canada Cleantech Alliance (CCTA)
• Shaughn McArthur, Associate Director of Government Relations, Nature United
• Tyler McCann, Managing Director, Canadian Agri-Food Policy Institute
• David McInnes, Principal, DMci Strategies
• David Messer, Climate Smart Buildings Alliance
• Ibrahim Mohammed, Sustainability and Environment Specialist, Grain Farmers of Ontario
• Nathan Pelletier, Associate Professor, University of British Columbia
• Mathieu Poirier, Building Decarbonization Alliance, The Transition Accelerator
• Brent Preston, Farmer and President, Farmers for Climate Solutions
• Dave Rhéaume, Executive Vice President, Operations and Head of Client Relations, Hydro-Québec
• Andrew Rushmere, Interim Executive Director, Farmers for Climate Solutions Strategy & Impact Team, Farm Credit Canada
• Maya Saryyeva, Interim Executive Director, Institute for Sustainable Finance
• Rick Smith, President, Canadian Climate Institute
• Terence Smith, Senior Director, BCG Centre for Canada's Future
• Mario Tenuta, Professor, University of Manitoba
• Adam Thorn, Program Director, Transportation, Pembina
• Aurélie Vérin, Senior Policy Analyst, Building Decarbonization Alliance, The Transition Accelerator

References

We relied on subscriber only and public publications and data sets that informed our research and analysis. The references below are the public publications we accessed. The list excludes news articles, government legislation, regulations, policy directives, budgets and fall economic statements, regulatory and statutory reports such as those published by auditor generals and the Parliamentary Budget Office, climate strategic plans such as the federal government’s Emissions Reduction Plan, and data sets from Statistics Canada and federal departments.

Idea of the Year: Electricity

Climate Action Barometer

Agriculture

Buildings

Electricity

Heavy Industry

Oil and Gas

Transportation

Caution Regarding Forward-Looking Statements

From time to time, Royal Bank of Canada and its subsidiaries (“RBC,” “we,” “us,” or “our”) make written or oral forward-looking statements within the meaning of certain securities laws, including the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. We may make forward-looking statements in this report, in filings with Canadian securities regulators or the U.S. Securities and Exchange Commission (“SEC”) and in other communications. Forward-looking statements in this report include, but are not limited to, statements relating to our expectations about future industrial and climate policies in Canada and other countries and jurisdictions, our belief that electricity can help rewire our collective climate strategy, and our beliefs about climate-related risks and opportunities.

Forward-looking statements are typically identified by words such as “believe”, “expect”, “aim”, “achieve”, “suggest”, “seek”, “forecast”, “schedule”, “anticipate”, “estimate”, “commit”, “goal”, “plan”, “objective”, “target”, “outlook” and “project” and similar expressions of future or conditional verbs such as “will”, “may”, “should”, “could”, “can” or “would” or negative or grammatical variations thereof.

By their very nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, which give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that our assumptions may not be correct, that our environmental or other objectives, vision, ambitions, commitments, goals, targets and metrics will not be achieved and that our actual results may differ materially from such predictions, forecasts, projections, expectations or conclusions. Moreover, many of the assumptions, standards, metrics and measurements used in preparing this report continue to evolve and are based on assumptions believed to be reasonable at the time of preparation, but should not be considered guarantees.

We caution readers not to place undue reliance on these statements as a number of risk factors could cause the actual results to differ materially from the expectations expressed in such forward-looking statements. These factors – many of which are beyond our control and the effects of which can be difficult to predict – include: the need for more and better climate data and standardization of climate-related measurement methodologies, the need for active and continuing participation and action of various stakeholders (including governmental and non-governmental organizations, other financial institutions, businesses and individuals), technological advancements, the evolution of consumer behaviour, evolving social views on climate and sustainability-related topics, varying decarbonization efforts across economies, the need for thoughtful climate policies around the world, the challenges of balancing emission reduction targets with an orderly, and inclusive transition and geopolitical factors that impact global energy needs. We caution that the foregoing list of risk factors is not exhaustive.

Important Notice Regarding this Report

The information in this report is intended as general information only and does not constitute an offer or a solicitation to buy or sell any security, product or service in any jurisdiction; nor is it intended to provide investment, financial, legal, accounting, tax or other advice, and such information should not to be relied or acted upon for providing such advice. Nothing herein shall form the basis of or be relied upon in connection with any contract, commitment, or investment decision whatsoever. The reader is solely liable for any use of the information contained herein, and neither RBC nor any of RBC’s affiliates nor any of their respective directors, officers, employees or agents shall be held responsible for any direct or indirect damage arising from the use of any information contained herein by the reader.

Climate metrics, data and other information contained in this report are or may be based on assumptions, estimates and judgements. Moreover, the data needed to support our Climate Action Barometer analysis or to measure the commitments and investments in the six sectors discussed in this report may be limited in quality, unavailable or inconsistent across the sectors we choose to focus on, and the process of collecting, aggregating and analyzing data is highly dependent on the data other third parties make available at any given time. Given their inherent uncertainty and complexity, and the significant issues with some of the underlying data, assumptions, estimates and judgements believed to be reasonable at the time of the preparation of this report may subsequently turn out to be inaccurate. In addition, many of the assumptions, estimates, standards, methodologies, scenarios, metrics and measurements used in preparing the analyses contained in this report continue to evolve and may differ significantly from those used by other companies and those that may be used by us in the future. Legislative and regulatory changes, market developments and/or changes in data availability and reliability could also materially affect these assumptions, estimates, standards, methodologies, scenarios, metrics and measurements used by us and/or other companies, and could therefore materially affect the comparability of the information and data across industries or companies and from one report to a subsequent report.

This report is intended to provide information from a different perspective than is required to be included in mandatory securities filings and other regulatory reports, including filings with Canadian securities regulators and the SEC. While certain matters discussed in this report may be of interest and importance to our stakeholders, the use of the terms “material”, “significant”, “important” or similar words or phrases should not be read as necessarily rising to the level of materiality used for the purposes of securities or other laws and regulations. Any references to “sustainable finance,” “carbon neutral,” “net-zero” or similar terms in this document are not to any jurisdiction-specific regulatory definition that may exist. We have no obligation to update the information or data in this report.

Except as required by law, none of RBC or any of its affiliates undertake to update any information in this report.

All expressions of opinion in this report reflect the judgment of the contributors as of the date of publication and are subject to change. We do not guarantee the accuracy of the information or expressions of opinion presented herein and they should not be regarded as a complete analysis of the subjects discussed. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by RBC or any of its affiliates.

All references to websites are for your information only. The content of any websites referred to in this report, including via website link, and any other websites they refer to are not incorporated by reference in, and do not form part of, this report. This report is also not intended to make representations as to environmental and sustainability initiatives of any third parties, whether named herein or otherwise, which may involve information and events that are beyond our control.

Endnotes

Overview

1. Analysis derived from the following data sources: Canada’s National inventory report 1990-2022 (opens in a new window), and Canada’s Preliminary Greenhouse Gas Emissions 1990-2023 (opens in a new window).
2. Analysis derived from the following data source: Alberta Electric System Operator, Current and historical market reports (opens in a new window)
3. Analysis derived from the following data sources: Ministry of Energy and Resources, Government of Saskatchewan Endnote The Oil and Gas Emissions Management Regulations Annual Report 2023; (opens in a new window) Canada-Newfoundland & Labrador Offshore Petroleum Board Endnote Annual Emissions Reduction Initiatives Report 2022 (opens in a new window); Alberta Energy Regulator Endnote Upstream Petroleum Industry Emissions Report 2023 (opens in a new window); Government of British Columbia Endnote Provincial Inventory of greenhouse gas emissions; (opens in a new window) Government of Newfoundland and Labrador Endnote Historical GHG Emissions Summary 1990 - 2022; (opens in a new window) Alberta Energy Regulator Endnote Alberta Energy Resource Industries Monthly Statistics 2019 - 2024; (opens in a new window) Endnote Government of British Columbia Natural Gas & Oil Statistics 2008 - current; (opens in a new window) Government of Saskatchewan Endnote Oil Production 2019 – 2024 (opens in a new window); Endnote Newfoundland and Labrador Statistics Agency Total Oil Production, Barrels, November 1997 to Date(opens in a new window)
4. Analysis derived from the following data sources: Government of Canada Endnote National inventory report 1990-2022; (opens in a new window) Government of Canada Endnote Preliminary Greenhouse Gas Emissions 1990-2023 (opens in a new window);Endnote Statistics Canada. Table 36-10-0434-03 Gross domestic product (GDP) at basic prices, by industry, annual average (x 1,000,000)(opens in a new window)
5. Analysis derived from the following data sources: Government of Canada, Department of Finance, Budgets 2019-2024; Government of Alberta, Ministry of Treasury Board and Finance, Budgets 2019-2024; Canada Growth Fund, Canada Growth Fund Announces up to $2 Billion Carbon Capture and Sequestration Partnership with Strathcona Resources.
6. Data source: Canada Growth Fund, Canada Growth Fund Announces up to $2 Billion Carbon Capture and Sequestration Partnership with Strathcona Resources (opens in a new window)
7. Analysis derived from the following data sources: BloombergNEF; Capital IQ.
8. Analysis derived from the following sources: Statistics Canada, Table: 25-10-0029-01 Supply and demand of primary and secondary energy in terajoules, annual; communications with the Canadian Steel Producers Association and the Cement Association of Canada.
9. Ibid
10. Data Source:  Christian Aid.  New study: Top 10 climate disasters cost the world billions in 2024 (opens in a new window)
11. Analysis derived from the following data sources: Federal Budgets 2016 to 2024, and provincial budgets for B.C., Alberta, Ontario, and Quebec, for the same time period.

Idea Of The Year

1. Analysis derived from the following data sources: Government of Canada National inventory report 1990-2022; (opens in a new window) Government of Canada Preliminary Greenhouse Gas Emissions 1990-2023 (opens in a new window).
2. Analysis derived from the following data sources: BloombergNEF; Goldman Sachs Global Investment Research
3. Analysis derived from the following data sources: Statistics Canada Canadian vehicle survey; (opens in a new window) Statista Age of vehicles on roads in Canada 1990-2016; (opens in a new window) McKinsey & Company The race to decarbonize electric-vehicle batteries; (opens in a new window) EPA Greenhouse Gas Emissions from a Typical Passenger Vehicle (opens in a new window); Driving.ca How It Works: Making sense of EV specifications; (opens in a new window) BloombergNEF When will EVs be cheaper than conventional vehicles? (opens in a new window)
4. Analysis derived from the following data sources: Government of British Columbia BC’s energy system backgrounder; Government of British Columbia New wind projects will boost B.C.’s affordable clean-energy supply (opens in a new window).
5. Data source: Honda Canada, Honda Plans to Establish Comprehensive Electric Vehicle Value Chain in Ontario, Canada (opens in a new window).
6. Data source: Canada Energy Regulator, Canada Energy Regulator’s 2030 Emissions Reduction Plan: Clean Air, Strong Economy (opens in a new window).
7. Analysis derived from the following data sources: Canada Energy Regulator’s 030 Emissions Reduction Plan: Clean Air, Strong Economy (opens in a new window); William Noel, Timothy M. Weis et al. Renewable and Sustainable Energy Reviews: Mapping the evolution of Canada’s wind energy fleet (opens in a new window); U.S. Department of Energy. Wind Vision: A new era for wind power in the U.S. (opens in a new window), Statistics Canada Table: 38-10-0163-01 Extent and growth of contiguously settled areas (opens in a new window).
8. Analysis derived from the following data source: Alberta Electricity System Operator Connection Project Reporting (opens in a new window), November 2024.
9. Analysis derived from the following data source: International Energy Agency’s Energy Technology Perspectives 2024 (opens in a new window).
10. Analysis derived from the following data sources: National Infrastructure Advisory Council: Addressing the Critical Shortage of Power Transformers to Ensure Reliability of the U.S. Grid (opens in a new window) report; (opens in a new window) private discussions with power and utilities organizations, not-for-profits, and think-tanks at New York Climate Week.
11. Analysis derived from the following data sources: CBC News Why Quebec struck a new hydro deal with Newfoundland and Labrador (opens in a new window); Hydro Quebec 2023 Comparison of Electricity Prices In Major North American Cities (opens in a new window).
12. Data source: Hydro One: Indigenous relations (opens in a new window)
13. Data source: Government of British Columbia, New wind projects will boost B.C.’s affordable clean-energy supply (opens in a new window).
14. Data source: Natural Resources Canada, Major Projects Planned and Under Construction 2023 to 2023 (opens in a new window).
15. Data sources: Government of Canada, Federal Budget 2024 (opens in a new window) Chapter 6; Government of British Columbia, Provincial Budget 2024. (opens in a new window)
16. Data source: Government of Canada, Protecting nature: Canada’s story (opens in a new window)
17. Ibid
18. Ibid
19. Ibid
20. Ibid
21. Data source: Wataynikaneyap Transmission Project (opens in a new window)

Climate Action Barometer

1. Analysis derived from the following data sources: Environment and Climate Change Canada Greenhouse gas emissions projections (opens in a new window)
2. Analysis derived from the following data sources: Environment and Climate Change Canada Greenhouse gas emissions projections (opens in a new window)
3. Analysis derived from the following data sources: Federal Budgets 2016 to 2024, and provincial budgets for B.C., Alberta, Ontario, and Quebec, for the same time period.
4. Analysis derived from the following data source: Alberta Electricity System Operator Connection Project Reporting (opens in a new window), November 2024.
5. Data source: Alberta Energy Regulator Quest Carbon Capture and Storage project : annual report, 2023 (opens in a new window)
6. RBC Business Executive Survey with Kantar
7. Ibid
8. Ibid
9. Analysis derived from the following data source: Emissions Reduction Alberta Projects (opens in a new window); Gouvernement du Québec Technoclimat program projects; (opens in a new window) Government of British Columbia CleanBC Industry Fund Funded Projects (opens in a new window)

Oil & Gas

1. Analysis derived from the following data sources: Government of Canada, Department of Finance, Budgets 2019-2024; Government of Alberta, Ministry of Treasury Board and Finance, Budgets 2019-2024
2. Analysis derived from the following data sources: Government of Canada, Environment and Climate Change Canada, Greenhouse Gas Emissions; Alberta Energy Regulator Alberta Energy Resource Industries Monthly Statistics 2019 - 2024(opens in a new window); Government of British Columbia Natural Gas & Oil Statistics 2008 - current(opens in a new window); Government of Saskatchewan Oil Production 2019 – 2024 (opens in a new window); Newfoundland and Labrador Statistics Agency Total Oil Production, Barrels, November 1997 to Date
3. Analysis derived from the following data sources: Government of Canada, Canada Energy Regulator, Estimated Production of Canadian Crude Oil and Equivalent(opens in a new window); Statistics Canada Energy Statistics June 2024 (opens in a new window)
4. Analysis derived from the following data sources: Statistics Canada Table 25-10-0055-01 Supply and disposition of natural gas(opens in a new window); Canada Energy Regulator Market Snapshot: Canadian natural gas production hits a record high in 2023, and industrial gas use continues to increase (opens in a new window)
5. Data source: Canada Growth Fund, Canada Growth Fund Announces up to $2 Billion Carbon Capture and Sequestration Partnership with Strathcona Resources (opens in a new window)
6. Data source: Government of Alberta, Alberta’s response to the federal oil and gas emissions cap technical submission (opens in a new window)
7. Data source: Conservative Party of Canada, More Canadian energy, not less. (opens in a new window)
8. Analysis derived from the following data sources: Government of Canada, Department of Finance, Budgets 2019-2024; Government of Alberta, Ministry of Treasury Board and Finance, Budgets 2019-2024; Canada Growth Fund, Canada Growth Fund Announces up to $2 Billion Carbon Capture and Sequestration Partnership with Strathcona Resources.
9. Data source: Canada Growth Fund, Canada Growth Fund Announces up to $2 Billion Carbon Capture and Sequestration Partnership with Strathcona Resources (opens in a new window)
10. Analysis derived from the following data sources: Ministry of Energy and Resources, Government of Saskatchewan The Oil and Gas Emissions Management Regulations Annual Report 2023 (opens in a new window); Canada-Newfoundland & Labrador Offshore Petroleum Board Annual Emissions Reduction Initiatives Report 2022 (opens in a new window); Alberta Energy Regulator Upstream Petroleum Industry Emissions Report 2023 (opens in a new window);  Government of British Columbia Provincial Inventory of greenhouse gas emissions(opens in a new window); Government of Newfoundland and Labrador Historical GHG Emissions Summary 1990 - 2022 (opens in a new window); Alberta Energy Regulator Alberta Energy Resource Industries Monthly Statistics 2019 - 2024(opens in a new window); Government of British Columbia Natural Gas & Oil Statistics 2008 - current(opens in a new window); Government of Saskatchewan Oil Production 2019 – 2024 (opens in a new window); Newfoundland and Labrador Statistics Agency Total Oil Production, Barrels, November 1997 to Date
11. Analysis derived from the following data source: Government of Canada, Environment and Climate Change Canada, Greenhouse Gas Emissions
12. Analysis derived from the following data sources: Canada Energy Regulator Canada’s Energy Futures 2021 Fact Sheet(opens in a new window); Environment and Climate Change Canada Canada’s Preliminary Greenhouse Gas Emissions (1990-2023)(opens in a new window);
13. All data and analysis sourced from Entropy

Transportation

1. Analysis derived from the following data sources: Statistics Canada New motor vehicle registrations (opens in a new window); Transport Canada Statistics on the incentives for zero-emission vehicles (iZEV) program (opens in a new window)
2. Analysis derived from the following data source: Statistics Canada Renewable fuel plant statistics (opens in a new window)
3. Analysis derived from the following data sources: Federal and Quebec Budgets for 2024.
4. Analysis derived from the following data source: Statistics Canada New motor vehicle registrations (opens in a new window)
5. Analysis derived from the following data source: Statistics Canada New motor vehicle registrations (opens in a new window)
6. Analysis derived from the following data source: BloombergNEF Public charging overview database
7. Analysis derived from the following data sources: Environment and Climate Change Canada Canada’s Preliminary Greenhouse Gas Emissions (1990-2023); (opens in a new window) Environment and Climate Change Canada Greenhouse gas emissions projections (opens in a new window)
8. All data and analysis sourced from Purolator

Buildings

1. Analysis derived from the following data sources: Natural Resources Canada program updates for Canada Greener Homes Initiatives (opens in a new window);  Statistics Canada. Table 38-10-0286-01 Primary heating systems and type of energy(opens in a new window); Statistics Canada. Table 36-10-0688-01 Housing stock in unit by institutional sector, housing type, dwelling occupation, dwelling type, and tenure type (opens in a new window); Heating, Refrigeration, and Air Conditioning Institute of Canada HVACR Quarterly Statistics. (opens in a new window)
2. Ibid
3. Ibid
4. Ibid
5. Data source: Government of Quebec, regulations respecting oil-fired heating appliances (opens in a new window)
6. Analysis derived from the following data sources: Canada’s Green Building Council Project Database (opens in a new window) and proprietary residential, commercial and institutional real estate data.
7. Ibid
8. Data source: International District Energy Association, Blog Viewer (opens in a new window).
9. Analysis derived from the following data sources: Federal Budgets 2016 to 2024, and provincial budgets for B.C., Alberta, Ontario, and Quebec, for the same time period.
10. Ibid
11. Analysis derived from the following data sources: Government of Canada National inventory report 1990-2022 (opens in a new window); Government of Canada Preliminary Greenhouse Gas Emissions 1990-2023 (opens in a new window).
12. All data and analysis sourced from CMHC.

Electricity

1. Canadian Renewable Energy Association, Energy Transition – By the Numbers (opens in a new window)
2. Analysis derived from the following data sources: Canadian Renewable Energy Association, Energy Transition – By the Numbers (opens in a new window); Government of Alberta, Alberta Major Projects (opens in a new window); Bloomberg New Energy Finance; Capital IQ Pro; Government of Canada, Department of Finance, Budgets 2018-2024; Government of Ontario, Ministry of Finance, Budgets 2016-2023; Government of Quebec, Ministere des Finances, Budgets 2016-2024; Government of Alberta, Ministry of Treasury Board and Finance, Budgets 2019-2024; Government of British Columbia, Ministry of Finance, Budgets 2019-2024
3. Analysis derived from the following data sources: Canadian Renewable Energy Association, Energy Transition – By the Numbers (opens in a new window); Alberta Electric System Operator, Current supply and demand (opens in a new window)
4. Alberta Electric Systems Operator, Connection Project Reporting (opens in a new window)
5. Business Renewables Centre, Deal Tracker (opens in a new window)
6. Analysis derived from the following data sources: Canadian Renewable Energy Association, Energy Transition – By the Numbers (opens in a new window); Alberta Electric System Operator, Current and historical market reports (opens in a new window); Alberta Electric System Operator, Current supply and demand (opens in a new window); Canada Energy Regulator, Canada’s Energy Future 2023 (opens in a new window); Government of Canada, Environment and Climate Change Canada, Canada’s Preliminary Greenhouse Gas Emissions (1990-2023) (opens in a new window)
7. Government of Ontario, Ontario Ministry of Energy and Electrification, Ontario’s Affordable Energy Future (opens in a new window)
8. Analysis derived from the following data sources: Canada Energy Regulator, Canada’s Energy Future 2023 (opens in a new window)
9. Analysis derived from the following data sources: Canadian Renewable Energy Association, Energy Transition – By the Numbers (opens in a new window); Government of Alberta, Alberta Major Projects (opens in a new window); Bloomberg New Energy Finance; Capital IQ Pro
10. Alberta Electric System Operator, Current and historical market reports (opens in a new window)
11. Analysis derived from the following data sources: Canadian Renewable Energy Association, Energy Transition – By the Numbers (opens in a new window); Alberta Electric System Operator, Current supply and demand (opens in a new window)
12. Analysis derived from the following data sources: Canadian Renewable Energy Association, Energy Transition – By the Numbers (opens in a new window); Alberta Electric System Operator, Current and historical market reports (opens in a new window); Alberta Electric System Operator, Current supply and demand (opens in a new window); Canada Energy Regulator, Canada’s Energy Future 2023 (opens in a new window); Government of Canada, Environment and Climate Change Canada, Canada’s Preliminary Greenhouse Gas Emissions (1990-2023) (opens in a new window)
13. Alberta Electric System Operator, Current and historical market reports (opens in a new window)
14. All data and analysis sourced from Jule

Heavy Industry

1. Analysis derived from the following data sources: Government of British Columbia, CleanBC Industry Fund; Government of Alberta, Emissions Reduction Alberta
2. Analysis derived from the following sources: Statistics Canada, Table: 25-10-0029-01 Supply and demand of primary and secondary energy in terajoules, annual; communications with the Canadian Steel Producers Association and the Cement Association of Canada.
3. Shell Canada, Shell to Build carbon capture and storage projects in Canada (opens in a new window)
4. Analysis derived from the following sources: Bloomberg New Energy Finance
5. Analysis derived from the following data sources: Bloomberg New Energy Finance; Capital IQ Pro; Government of Canada, Department of Finance, Budgets 2018-2024; Government of Ontario, Ministry of Finance, Budgets 2016-2023; Government of Quebec, Ministere des Finances, Budgets 2016-2024; Government of Alberta, Ministry of Treasury Board and Finance, Budgets 2019-2024; Government of British Columbia, Ministry of Finance, Budgets 2019-2024
6. Analysis derived from the following data sources: Government of Canada National inventory report 1990-2022; (opens in a new window) Government of Canada Preliminary Greenhouse Gas Emissions 1990-2023 (opens in a new window); Statistics Canada. Table 36-10-0434-03 Gross domestic product (GDP) at basic prices, by industry, annual average (x 1,000,000) (opens in a new window)
7. All data and analysis sourced from Canada Nickel

Agriculture

1. Analysis derived from the following data sources: Fertilizer Canada. Fertilizer Use Survey, (opens in a new window) 2019-2023. Statistics Canada. Cattle and calves, farm and meat production; Statistics Canada. Supply and demand of primary and secondary energy in terajoules, annual (opens in a new window); Agriculture and Agri-Food Canada. Historical Milk Production (opens in a new window). Statistics Canada. Number of cattle, by class and farm type (opens in a new window); Government of Canada National inventory report 1990-2022(opens in a new window); Government of Canada Preliminary Greenhouse Gas Emissions 1990-2023(opens in a new window);.
2. Analysis derived from the following data sources: Government of Canada National inventory report 1990-2022(opens in a new window); Government of Canada Preliminary Greenhouse Gas Emissions 1990-2023(opens in a new window); Office of the Auditor General of Canada. Reports of the Commissioner of the Environment and Sustainable Development to the Parliament of Canada - Agriculture and Climate Change Mitigation - Agriculture and Agri-Food Canada (opens in a new window), 2024.
3. Analysis derived from the following data sources: Fertilizer Canada. Fertilizer Use Survey, (opens in a new window) 2019-2023. Statistics Canada. Cattle and calves, farm and meat production; Statistics Canada. Supply and demand of primary and secondary energy in terajoules, annual (opens in a new window); Agriculture and Agri-Food Canada. Historical Milk Production (opens in a new window). Statistics Canada. Number of cattle, by class and farm type. (opens in a new window)
4. Analysis derived from the following data sources: BloombergNEF; Capital IQ.
5. Analysis derived from the following data sources: Federal policy and budgets 2016 to 2024, and provincial policy and budgets for B.C., Alberta, Saskatchewan, Manitoba, Ontario, and Quebec, for the same time period;
6. Analysis derived from the following data sources: Bloomberg New Energy Finance; Capital IQ Pro; Federal Budgets 2016 to 2024, and provincial budgets for B.C., Alberta, Saskatchewan, Manitoba, Ontario, and Quebec, for the same time period.
7. Analysis derived from the following data sources: Fertilizer Canada. Fertilizer Use Survey, (opens in a new window) 2019-2023. Statistics Canada. Cattle and calves, farm and meat production; Statistics Canada. Supply and demand of primary and secondary energy in terajoules, annual (opens in a new window); Agriculture and Agri-Food Canada. Historical Milk Production (opens in a new window). Statistics Canada. Number of cattle, by class and farm type. (opens in a new window)
8. Analysis derived from the following data source: Government of Canada National inventory report 1990-2022(opens in a new window); Government of Canada Preliminary Greenhouse Gas Emissions 1990-2023(opens in a new window); Statistics Canada. Table 36-10-0434-03 Gross domestic product (GDP) at basic prices, by industry, annual average (x 1,000,000)(opens in a new window)
9. All data and analysis sourced from Semex.
10. Analysis derived from the following data sources: National Inventory Report, 2024. (opens in a new window)