Members of the committee, good evening. My name is Mike Rencheck, president and CEO of Bruce Power. Thank you for the opportunity to speak with you as part of your study on small modular reactors.
First, I would like to acknowledge today that I am speaking from the traditional lands and treaty territory of the Saugeen Ojibway Nation, the traditional harvesting territories of the Georgian Bay Métis Council of Ontario, and the Historic Saugeen Métis.
Bruce Power provides 30% of Ontario's electricity safely, reliably, and at low cost while producing zero-carbon emissions. Bruce Power is proud to be able to support the fight against climate change while powering our economy with a made-in-Canada solution and a revitalized, thriving domestic supply chain.
While the world is trying to figure out ways to phase out coal-fired electricity generation, Ontario has already shown how it can be done, with Bruce Power providing 70% of the power needed to achieve this while creating good jobs and producing life-saving medical isotopes. In fact, our pan-national isotope partnership includes the Saugeen Ojibway Nation. I would be happy to discuss this with you in more detail.
Bruce Power takes its responsibility for a net-zero future very seriously. From our net-zero 2050 strategy, including a commitment to be net zero by 2027 in our operations, to our issuance last year of the first-ever nuclear green bond, to the exploration of new nuclear technologies, we are demonstrating leadership in helping Canada reach its net-zero objectives.
In addition, through Bruce Power's project 2030, we are building toward a new site output goal of 7,000 megawatts by 2030, adding approximately 1,000 megawatts of clean energy to the Ontario grid in support of climate change targets and future clean energy needs through continued asset optimization, innovations and leveraging new technology.
We are proud to have been recognized, in the federal government's SMR action plan and in the interprovincial small modular reactor strategy unveiled in March, for our potential role in developing new nuclear technology. We are also pleased that the government provided support recently, through the strategic innovation fund, for the Westinghouse eVinci reactor project that Bruce Power is supporting. We also fully support the SMR project currently being undertaken by Ontario Power Generation at its Darlington site.
Bruce Power, along with our industry, was pleased to see the support for nuclear technology included in the 2022 budget, including support for SMRs from the Canada Infrastructure Bank and the Canadian Nuclear Safety Commission.
With respect to regulation, Bruce Power believes there needs to be a focus on de-risking to enable small modular reactors and other nuclear innovation by streamlining the Impact Assessment Act requirements, licensing, and environmental assessments in general. If we are to meet our net-zero goals in the electricity sector by 2035, we must ensure that regulatory requirements, including impact assessments and licensing, can be done in a timeline that meets our needs for climate change target dates.
Creating optionality by providing and developing a path forward to site and technology selection will help attract much-needed private capital investment and help get the ball rolling on clean energy nuclear projects that we all know will be needed to further decarbonize our economy in sectors well beyond electricity.
To create these options and develop this needed momentum to secure a global leadership role for Canada, all levels of government must work with industry to share in the financial and risk challenges associated with environmental regulations and the CNSC licensing of the technology.
The federal government must also continue to help our industry innovate and lead the fight against climate change through clear policy signals. We continue to seek inclusion of nuclear in the federal green bond framework. Amending other existing programs and measures could create a level playing field for nuclear to compete with other clean technologies. In addition, nuclear and other supplemental technologies, such as hydrogen, should be looked at to further decarbonize our industries.
Canada is a world leader in nuclear, and its CANDU reactors are used around the world. The government needs to support and continue to build on this advantage.
We're at an inflection point in our fight against climate change, and we all understand that the time to take action is now. There has never been a more exciting time in our industry. We are saving lives with new cancer treatments—