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Energy Fact Book, 2023-2024: Investment

Our nation's prosperity and competitiveness are tied to achieving a successful transition to a low carbon future. Economic and environmental indicators are key to understanding energy's contribution to sustainable economic growth.

Download the full Energy Fact Book, 2023-2024 (PDF, 21.8 MB)

Download Section 2 of the Energy Fact Book, 2023-2024 (PDF, 2.13 MB)

Learn more about energy investment in Section 2 of the Energy Fact Book including:

  • Capital expenditures and environmental protection expenditures
  • Foreign direct investment and Canadian direct investment abroad
  • Canadian energy assets abroad, foreign control of assets, major energy projects in Canada, Canada's energy infrastructure
  • Research, development and demonstration (RD&D) and mission innovation

Key facts

  • Capital expenditures in Canada's energy sector totaled $80 billion in 2022. Oil and gas extraction was the largest area of energy sector capital expenditure at $31.9 billion in 2022, followed by electrical power generation and distribution ($27.6 billion).
  • Fuel, energy and pipeline infrastructure make up the largest proportion of Canada's infrastructure at 30% of net stock 2022. Investment and operations of the infrastructure created 142.6 thousand jobs and $22.8 billion in gross domestic product (GDP).
  • In 2023, there were 223 planned (announced, under review, or approved) major energy projects worth $294 billion, and 120 energy projects under construction worth $180 billion. There were 233 clean technology projects valued at $159 billion.
  • The stock of foreign direct investment (FDI) in the energy sector rose in 2022 to $146 billion (+11.9% over the previous year). The energy industry's share of overall FDI in Canada was 12% in 2022, increasing from 11% in 2021.
  • In 2021-2022, federal energy RD&D expenditures were $1,001 million and provincial and territorial (P&T) government energy RD&D expenditures were $411 million, for a combined total of $1,412 million.

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