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RBC Climate Action Institute's 2025 Progress Report on Canada's Net-Zero Journey

The RBC Climate Action Institute has released its second annual progress report, offering insights into Canada’s efforts toward achieving net-zero emissions by 2050. The report reveals that policies, capital, and consumer actions have significantly accelerated climate action, with a near doubling of progress over the past five years.

Key highlights include a 0.8% reduction in emissions in 2023, primarily driven by improvements in the electricity sector. Alberta, having removed over six megatonnes of coal-based emissions, contributed to a 12% reduction in national electricity emissions, and the province reached its coal-free status six years ahead of schedule. Methane emissions from oil and gas projects have improved by 50% since 2019, reflecting progress in emission management in these sectors.

Investments in decarbonizing oil and gas have been substantial, with a 36% rise in capital scores in 2024 compared to 2019, indicating stronger financial commitments toward cleaner practices. However, there has been a decline in clean-tech investments for heavy industry, with venture capital financing dropping to Rs158 million in 2024 from an average of Rs650 million in prior years.

Despite this, industries like cement and steel have made significant strides, reducing coal consumption by 36-40% by transitioning to natural gas, aligning with long-term sustainability goals.

In the transportation sector, emissions are 6-8?low the 2019 peak, and further reductions are expected as gas-powered vehicle usage peaked in 2021, coupled with a shift to hybrid workforces reducing traffic congestion.

Despite these advances, the report indicates waning concern about climate change among Canadians, with only 14% citing it as a top concern in 2024, a significant decrease from 26% in 2019.