December 12, 2023
Newfoundland & Labrador and Federal governments have signed a Memorandum of Understanding (MOU) on offshore wind to enable the province to take the regulatory lead on offshore wind projects within its inland bays to enable the development of offshore wind projects in Newfoundland and Labrador that will power the province’s economy forward.
Energy systems across the world are rapidly transforming, and offshore wind development will create sustainable jobs and help power Canada’s economy. With the longest coastlines in the world, Canada is well positioned to become a global leader in the $1-trillion global offshore wind energy market, particularly in Atlantic Canada.
The MOU establishes a clear process for Newfoundland and Labrador to administer land tenure and life-cycle regulation. Recognizing that the Government of Newfoundland and Labrador has ambitious growth plans and wants to move ahead quickly, this agreement will allow the province to dictate the speed and pace of development in the bays. With the predictable and efficient approach presented by the MOU, our governments are sending a direct signal to investors, workers and communities that Newfoundland and Labrador and Canada are collaborating to unlock offshore renewable energy development within provincial bays while affirming our shared commitment to joint management under the Atlantic Accord Acts as part of a thriving and sustainable offshore energy sector in the province.
The MOU outlines the framework for Newfoundland and Labrador to administer land tenure and life-cycle regulation, including revenues for offshore renewable energy projects within provincial bays. The MOU announced today is made possible by Bill C-49, which establishes the legislative framework for offshore wind in the joint-management areas. Land tenure and life-cycle regulation of existing offshore energy activity, as well as offshore renewable energy projects located beyond the bays, will be regulated by the Offshore Energy Regulator, according to the authorities set out under the Atlantic Accord Acts and as amended by Bill C-49. This approach builds on our long-standing commitment to collaboration with our joint management partners, including through Bill C-49 and the Regional Assessments for Offshore Wind Development in Newfoundland and Labrador and Nova Scotia.
Together, Newfoundland and Labrador and Canada are taking another important step forward to ensure a thriving offshore energy sector in Newfoundland and Labrador, while contributing to our shared goal of creating sustainable jobs, developing a net-zero electricity system by 2035 and developing a net-zero economy in 2050.