Though we can’t control what happens beyond our borders, we can strengthen our homegrown advantages. Among them is our abundant supply of reliable, affordable and clean electricity — the product of generations of investment and political leadership.

As dark clouds gather, Canada has an opportunity to build on that critical advantage. Earlier this year, in launching its Powering Canada Strong strategy, the federal government committed to at least double the nation’s electricity supply by 2050 while accelerating electrification across the economy.

The price tag would be significant. Hundreds of billions, perhaps even a trillion dollars. But new macroeconomic modelling from Open Insights, a consortium led by University of Victoria researchers, conducted in partnership with our organizations — New Economy Canada and the Canadian Chamber of Commerce — reveals the size of the prize — a cumulative $3 trillion economic boost by 2050.

In addition, doubling Canada’s electricity supply and electrification would support 1.6 million additional jobs in 2050 and deliver $5 in economic benefits across the economy for every $1 invested in the power sector compared to business as usual. This strongly validates the move towards an electrified economy, as we are seeing in China, Europe and even Saudi Arabia.

Building more generation and expanding grids naturally boosts the power and construction industries, but the gains cascade everywhere. As businesses expand and modernize, they create jobs, raise household incomes and generate local spending across retail, services, manufacturing, mining and transportation.

But there’s a catch. Building the electricity system alone won’t deliver these gains. The economy also needs enough workers and investment to build the new infrastructure and allow businesses elsewhere to expand, modernize and electrify.

Our modelling tested what would happen if Canada were to double electricity supply without adding more capital and workers. The result was striking. Total economic output would be no higher than under business as usual. In effect, grid expansion would compete with existing industries for scarce labour and capital, rather than adding to the country’s productive capacity.

That points to the larger challenge: Canada must build the economic capacity to match its expanding electrical system. So, with fiscal conditions steadily tightening, how do we do that?

We must attract investment so businesses can expand and put new, clean electrons to work. Events like Canada’s Investment Summit are a strong start toward mobilizing private capital. it could be made an annual event. We must also train more engineers, skilled tradespeople, technicians and operators; help businesses and households efficiently electrify; and strengthen domestic supply chains for equipment and technologies that Canadian companies can produce competitively.

On that latter point, there may be additional upside. Because the modelling assumes Canada’s historical supply-chain relationships remain unchanged, it does not capture the potential gains from producing more of the needed equipment and technologies at home. Where Canadian companies can compete, supplying our own build-out could expand or create new industries and export opportunities as other countries expand their electricity systems, too.

Success will require both a sustained political commitment and coordination. Provinces and territories have authority over their electricity systems, and their individual circumstances vary enormously. Canada must pursue a shared ambition while respecting those regional realities and prioritizing ratepayer affordability.

First Ministers must keep electricity and electrification high on their shared economic agenda and establish clear responsibilities for delivering on it. The federal government can provide greater certainty about its long-term financial contribution, to reassure provinces, utilities, businesses and investors. Public investment can help mobilize much larger pools of private capital. And governments, employers, labour organizations, educational institutions and Indigenous partners can work together to build the workforce alongside provincial grids.

The scale of the undertaking shouldn’t deter us. We can’t dictate trade policy in foreign capitals or calm global markets overnight. But by doubling down on clean grids and electrification, we can manufacture our own economic certainty — and power our own destiny.

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Ian Bruce is the President of New Economy Canada and Bryan N. Detchou is the Senior Director of Natural Resources, Environment and Sustainability for the Canadian Chamber of Commerce