Legislation enabling the development of the offshore wind industry in Atlantic Canada has become law after receiving royal assent on Oct. 3.
Bill C-49 establishes a new regulatory regime for the offshore accords of Newfoundland and Labrador and Nova Scotia, amending acts in the provinces that govern joint offshore petroleum reserve management and revenue sharing between the province and federal government.
The bill would rename the Canada-Newfoundland and Labrador Offshore Petroleum Board and the Canada-Nova Scotia Offshore Petroleum Board to reflect their role as regulators and add offshore renewables to their mandates, while creating a regulatory regime for offshore, wind, and other renewable energy projects that currently exist for offshore petroleum operations.
Natural Resources Canada said in a release that Bill C-49 is expected to bring in billions of dollars in investment and generate thousands of jobs for the provinces, while also positioning Canada to be the “leading supplier of clean energy.”…