Forecast: Share of Renewable Energy and Nuclear Energy Use in Canada

In 2023, the share of renewable and nuclear energy use in Canada stood at 20.44 units. The year-on-year variation from 2022 to 2023 was 0.38%, consistent with a recent trend of marginal annual increases since 2013. The Compound Annual Growth Rate (CAGR) over the past five years was 0.39%, indicating a stable but slow growth pattern.

Looking forward to 2024 and beyond, the forecast indicates a continued gradual increase, with the share expected to reach 20.8 units by 2028. The projected five-year CAGR from 2024 is slightly lower at 0.28%, hinting at a modest deceleration in growth. However, the overall growth rate over the next five years is anticipated to be around 1.39%.

Future trends to watch for include advancements in renewable energy technologies, government policies supporting clean energy initiatives, and potential shifts in global energy markets that could influence Canada's energy mix. Additionally, tracking investments and innovations in energy storage and smart grid technologies will be crucial for understanding the trajectory of renewable and nuclear energy use in Canada.