Thank you.
Next, supporting clean economic sectors and supply chains is inherently a diversification strategy. Analysis shows that our existing clean energy exports are already growing faster with the rest of the world than with the United States. These sectors range from critical minerals and EV manufacturing to grid technologies. Global demand for key critical minerals, such as lithium, graphite, nickel and cobalt, is poised to grow two to six times by 2040, overwhelmingly driven by clean energy technologies. Canada ranks among the top 10 for total global reserves of each and should position itself as a preferred supplier to key allies.
Combining Canada’s clean grid with high-quality iron ore reserves could expand green steel production to align with the EU’s carbon border adjustment mechanism and grow capacity for in-demand specialized products like electrical steel. Canada’s clean electricity supply chain—from clean generation and grid technology manufacturing to the innovation and management services that integrate them—is another opportunity we need to scale. To achieve this, Canada needs to map and then leverage our competitive advantages in these supply chains.
While the pace of electrification may vary country to country, the overall direction of travel is the same. Growing our clean energy exports is the key to long-term economic competitiveness, positioning Canada as the type of energy superpower that will last.
Thank you, and I look forward to your questions.