Forecast: Total Renewable Energy in Canada

The total renewable energy supply in Canada has shown considerable fluctuations over the past decade. The unit of primary energy supply stood at 16.82 in 2023, reflecting a minor decline from the previous year. The year-on-year variations indicate a downward trend with some peaks, especially in 2020 with a 6.82% increase, likely due to specific policy changes or external factors. The 5-year CAGR reveals a relatively stable albeit slightly declining trend, showing a very modest average annual change of -0.07%. Projections suggest a gradual decrease moving forward, with the supply expected to continue its slight downward trajectory.

Future trends to watch for:

• Potential changes in governmental policies especially regarding subsidies and support for renewable energy investments.
• Technological advancements in renewable energy that could lead to higher efficiency and increased adoption.
• Market dynamics and energy demands which might influence the renewable energy sector.
• Global energy trends and environmental agreements impacting Canada’s renewable energy strategy.