Forecast: Renewable Energy Supply in Canada

Between 2013 and 2023, renewable energy supply in Canada demonstrated fluctuating trends. Starting at 17.69 units in 2013, it decreased with notable dips in 2014 and 2016, experienced a significant increase in 2020, and arrived at 16.36 units in 2023. Over the last two years (2022-2023), there was a slight decline of -0.18%. The 5-year Compound Annual Growth Rate (CAGR) from 2018 to 2023 was approximately 0.11%, indicating a stable yet stagnant growth trend.

Looking ahead to 2028, the forecast suggests a gradual decline in the renewable energy supply, with an expected 5-year CAGR of -0.15%. This suggests minimal but consistent decrease in renewable energy supply over the next five years.

Future Trends to Watch For:

• Policy changes and government incentives aimed at promoting renewable energy.
• Technological advancements in renewable energy production and storage.
• Impact of global energy market fluctuations and price changes.
• Increasing emphasis on sustainability and carbon reduction commitments.