Batteries will, without a shadow of a doubt, be one of the biggest industries in the world over the next decade, according to BMO’s big boss for Quebec, Grégoire Baillargeon.
“There is an extraordinary opportunity to be seized. We have a unique pool of resources in Quebec aligned with the needs of the entire world,” he said in an interview on the sidelines of a speech given Monday to an audience of business people in downtown Montreal.
In a plea certainly having the content to please the Canadian Minister of Industry, François-Philippe Champagne, the Quebec super-minister, Pierre Fitzgibbon, and the CEO of Hydro-Québec, Michael Sabia, the head of BMO does not miss no enthusiasm in front of the alignment of the stars.
Never, according to him, have Quebec’s resources and skills been so perfectly aligned with the energy transition. In his opinion, we must demonstrate ambition now to avoid having regrets in the future.
The transition from the combustion engine to the electric motor offers Quebec, he believes, the chance to carry out an economic repositioning.
“The arrival of Northvolt and the development of the battery sector demonstrate what we can achieve when our governments and the private sector work together. These agreements require compromises from us, but are an investment in our collective future allowing us to quickly take our place on the global stage in the coming decades,” said Grégoire Baillargeon during the event organized Monday by the Canadian Club of Montreal.
To build a strong ecosystem, Grégoire Baillargeon believes that governments must support local players, but also international players. His opinion differs from that of his counterpart at the National Bank, Laurent Ferreira.
Last September, the big boss of the National Bank said that Ottawa and Quebec should support Canadian companies before granting subsidies to foreign companies to develop the battery sector, because he believes that these subsidies benefit foreign shareholders and doubts that this model really creates wealth here.
Grégoire Baillargeon used the platform offered to him on Monday to launch a call to action.
“Hydro-Québec has made us masters at home, but imagine becoming masters of the game, beyond our borders,” he says.
Quebec is at a crossroads and can position itself so that the coming decades will be the most prosperous in its history.
Grégoire Baillargeon, big boss of BMO for Quebec
Over the past decades, our hydroelectricity has been able to attract industries thanks to its low cost, underlines Grégoire Baillargeon. “That time is over. Our electrons are now attractive because they are renewable. A valuable resource. A marked advantage,” he says.
“Globally, more than half of decarbonization efforts to achieve carbon neutrality will be achieved through electrification. In two steps. The first, decarbonize electricity production by replacing coal and gas power plants still very present in most of the world’s economies. The second, by electrifying transport, real estate and industries with this green electricity. »
What he calls the “green grid” is, he says, a marked advantage for Quebec entrepreneurs in terms of innovation in electrification. “They are the ones who will export our knowledge. The Flos, the Polaras, the Brainboxes, the DCbels, the Vadimaps, the Girardins, the Lions, and many others. »
Grégoire Baillargeon emphasizes that our energy attracts new industries.
“The whole world is becoming aware of the fact that Quebec’s electricity is 100% green. A stable, educated jurisdiction connected to both oceans, served by the St. Lawrence, by roads and railways, and contiguous to the largest market in the Western world. Where else can you find such a combination? »
The direction of industrial policy should therefore, according to him, surprise no one. “The world will need batteries. Wind and solar energy are green, but require storage. Lots of storage. At the same time, global regulations are pushing the world’s 1.4 billion car fleet towards electric. All these batteries must be produced with green electricity. Otherwise, what’s the point? »
Grégoire Baillargeon also emphasizes that our territory contains large quantities of uranium.
“We may not need nuclear power in Quebec, but according to the International Energy Agency, there is no path to zero-emission electricity on a global scale without significant deployment of nuclear power. ‘nuclear energy. Nuclear power is needed to curb emissions in several countries. Our local giant AtkinsRéalis (SNC-Lavalin) is actively helping in several countries with nuclear solutions that are both effective and safe. The energy transition requires all available solutions. Let us not hesitate to play our cards responsibly,” he said.
“If we keep the doors open, it is in Quebec that many industries will want to establish themselves. We are 5, maybe 10 years ahead. But over time, all electric grills will turn green. Our advantage is only temporary. The time to act is now. »