Canada is planning to double its electricity grid by 2050, as part of a $1 trillion CAD ($730 billion) proposal from Prime Minister Mark Carney designed to manage energy costs and guard the country against geopolitical shocks.

In a May 14 release, Carney detailed a need to adjust to a rapidly changing world, where shifting trade relationships, technological changes and growing conflicts have been increasingly straining global energy systems.

"Access to abundant, affordable, and reliable electricity is – more than ever – fundamental to competitiveness, energy security, and economic sovereignty," the plan reads, titled "Powering Canada Strong: A National Strategy for an Electrified Canadian Economy."

According to data from the International Energy Agency, global electricity consumption is expected to increase by as much as 102%, and could even triple in certain scenarios. To meet that growing demand, Canada will look to invest in industrial growth for critical minerals and battery manufacturing, the electrification of transportation, and building a vast network of modernized electricity infrastructure. That will include a focus on a range of energy generation methods, including hydro, solar, wind, nuclear and natural gas among others.

The plan highlights natural gas in particular as playing an important role in securing reliable and affordable sources of electricity, given that Canadian natural gas "has one of the lowest emissions intensities in the world."

"Canada’s abundant and dependably low-cost natural gas resources help enhance energy security and system resilience, while limiting exposure to global supply disruptions in many regions," the plan notes. "In doing so, natural gas can contribute to system stability and affordability, while also contributing to cost-effective emissions reductions."