19 State of the Canadian Electricity Industry 2022 Accelerate Net Zero
Theme 3:
Regulating and Policymaking for Net Zero: Moving from Ambition to Transition Context In November 2021, Canadians were reminded of the stakes involved with global climate change when record rainfalls caused historically devastating flooding and landslides in British Columbia.14 These record rainfalls came after a summer where the province experienced record temperatures and one of the worst fire seasons ever. These events certainly reaffirm the importance of national action to adapt to, and mitigate against, global climate change. Last year also saw an important series of events in global energy markets that our industry and Canadians must pay attention to. Europe, Texas and California all experienced significant energy crises. These events are instructive in terms of identifying potential pitfalls on the road ahead that regulators and policymakers in Canada should work to avoid.
