LONDON, ENGLAND — A new sustainable energy agreement between the United Kingdom and Canada is expected to encourage economic growth and job creation within the green economy over the next few years.
The Critical Minerals Statement of Intent and Dialogue was launched just last week between the governments of the UK and Canada.
It comes as the green economy is expected to experience exponential expansion within the next decade, and as the US renewable energy field has been expanding enormously in recent times.
According to a statement by the UK government, “Demand for certain critical minerals is expected to rise by as much as 500 per cent by 2040.
“The Statement and Dialogue are a part of the UK’s Critical Minerals Strategy to secure supply chains for these minerals and therefore the UK’s position in the growing markets for green technologies, such as hydrogen production and nuclear energy.”
A significant part of the agreement is to bolster supply chains ahead of the projected increase in demand.
But the UK government also believes it “will help make UK manufacturers of cutting-edge technologies more resilient to global shocks by promoting research and development between UK and Canadian businesses, driving innovation and growth.”
Opportunities for More Green Jobs
As the agreement was being launched, representatives from both governments spoke specifically to the potential of more jobs in the renewable energy sector.
“With a dash for minerals to meet national business needs, it is essential we work to build more resilient supply chains for critical minerals.
British Minister for Business and Trade Nusrat Ghani said, “Every single one of us depend on critical minerals to make the technology we use in our everyday lives. [...] With a dash for minerals to meet national business needs, it is essential we work to build more resilient supply chains for critical minerals."
“Through this Dialogue, we will work with one of our closest global allies in Canada to build and strengthen our supply chains and boost innovation, securing jobs and growing the UK economy in the process.”
In fact, the UK government noted that Canada is actually the UK’s 13th largest export partner, “with UK companies exporting £14.1 billion worth of goods and services to Canada in the 12 months to September 2022.”
“Canada represents a large opportunity for UK mining and engineering firms, with the country currently producing 60 minerals and metals at 200 mines and 6,500 quarries,” it added.
The Canadian government likewise noted job opportunities overseas, with Canadian Minister of Natural Resources Jonathan Wilkinson stating, “By collaborating on the development of the critical mineral supply chains that we need to achieve our net-zero future, we can reinforce global energy security, advance the fight against climate change and ensure significant economic opportunity and support good jobs on both sides of the Atlantic.
“[This] announcement is a step forward toward a sustainable and secure clean energy ecosystem.”