latest-news-headlines Market Intelligence /marketintelligence/en/news-insights/latest-news-headlines/biden-trudeau-agree-to-pursue-goal-of-net-zero-emissions-by-2050-62841040 content esgSubNav
In This List

Biden, Trudeau agree to pursue goal of net-zero emissions by 2050

Case Study

A Leading Renewable Energy Financing Bank Gains Important Insights on U.S.- based Opportunities

Blog

Exploring the Energy Dynamics of AI Datacenters: A Dual-Edged Sword

Blog

Despite turmoil, project finance remains keen on offshore wind

Case Study

An Energy Company Assesses Datacenter Demand for Renewable Energy


Biden, Trudeau agree to pursue goal of net-zero emissions by 2050

U.S. President Joe Biden and Canadian Prime Minister Justin Trudeau agreed to work together to align climate change-mitigation policies with a goal of achieving net-zero emissions for both countries by 2050.

In a virtual meeting Feb. 23, the leaders discussed a wide range of topics that included climate change, cross-border security and diplomatic issues. The meeting signaled a warming of relations between the top leaders of the countries, which had become strained during the Trump administration. Trudeau, leader of the left-leaning Liberal Party of Canada, had clashed with Trump on several issues, including the decision to pull the U.S. out of the Paris Agreement on climate change. Biden agreed to rejoin the Paris accord shortly after being elected.

"We're all best served when the United States and Canada work together and lead together," Biden said in a televised address after the meeting. The governments will work "to align our policies and our goals and to achieve net-zero emissions by 2050," he said.

Trudeau expressed appreciation for the renewed interest in climate change policy. Canada announced a goal of net-zero emissions by 2050 in November 2020, shortly after Biden's election.

"Thank you again for stepping up in such a big way on tackling climate change," Trudeau said. "U.S. leadership has been sorely missed over the past years."

Canada is already contributing to reducing U.S. greenhouse gas emissions through plans to increase imports of hydroelectricity in northern states provided by companies such as Hydro-Québec and Manitoba Hydro. New York and several New England states are considering transmission initiatives to boost their use of Canadian hydropower. The thawing of relations between the two countries could also help Canadian-built electric vehicles and batteries skirt Biden's planned trade policies that would favor U.S. manufacturers over imports, according to environmental think tank Clean Energy Canada.

"A closer, cleaner trade relationship between our two countries will create opportunities in manufacturing EVs and batteries for our already-competitive clean technology sector, for Canada's low-carbon materials, and for our clean electricity — which America will need more of as it aims to decarbonize its grid," Clean Energy Canada Executive Director Merran Smith said in an email. "Developing an EV battery supply chain will anchor Canada's existing auto sector and ensure we capture the jobs and value created in the transition to electric vehicles, while also supporting our mining sector and helping grow new industries."