Thank you, Madam Chair, for the opportunity to speak about small modular reactors in Canada.
Like Caroline, I'd like to recognize that I am joining you today from my home in Ottawa, which is in the traditional unceded territory of the Algonquin Anishinabe people.
Protecting the health and safety of Canadians and the environment always has been, and always will be, the Government of Canada's top priority regarding nuclear energy.
The Government of Canada has made a commitment to achieving net-zero emissions by 2050, and by 2035 in the electric sector.
Today, nuclear energy is an important part of Canada’s energy mix, currently accounting for 15% of our electricity generation, and contributing to Canada’s 82% non-emitting electricity supply.
In the transition to a low-carbon economy, we need access to a variety of technologies. In this context, nuclear power is among those options being considered by many around the world.
As a baseload, dispatchable and non-emitting source of energy, SMRs could also play a role in enabling deeper integration of variable renewables such as wind and solar into Canada's energy mix, especially in regions without significant hydro resources. SMRs are the next wave of nuclear innovation with the potential to play a role in the future of Canada's nuclear industry by providing non-emitting energy for a wide range of applications, from grid-scale electricity generation to use in heavy industry and remote communities.
Canada has the potential to become a leader in the development and deployment of SMR technology and potentially claim a significant share of a projected global market estimated to be $150 billion a year by 2040. To capitalize on this opportunity, Natural Resources Canada helped lead the development of the SMR action plan for the development, demonstration and deployment of SMRs. The action plan now has 119 partners who have committed to over 500 concrete actions.
That said, while the federal government has important responsibilities relating to nuclear energy and the environment, jurisdiction over electricity systems ultimately resides with the provinces and territories. In this regard, I would note that Alberta, Saskatchewan, Ontario and New Brunswick have shown their interest in using nuclear energy to help decarbonize their energy systems, with a premier-level memorandum of understanding to collaborate on SMR development and deployment.
SMRs have the potential to contribute to advancing economic reconciliation through meaningful partnerships with indigenous communities. To that end, we created an indigenous advisory council to the SMR action plan.
To protect the health and safety of all Canadians, our government is committed to continuous improvement with respect to ensuring that safe solutions are in place for managing radioactive waste and decommissioning, now and in the future. This commitment is supported by Canada's independent internationally peer-reviewed nuclear regulator, the CNSC.
As part of its commitment to continuous improvement, the government is evaluating Canada's current radioactive waste policy, and we are developing a comprehensive new policy that further provides Canadians with confidence in the long-term management of all of Canada's radioactive waste, including any waste from future technologies such as SMRs. Results from that engagement are being analyzed, and we plan to release the policy before the end of the year.
Thank you. We would welcome any questions you have.