Canada has a national nuclear strategy for the first time in its history. Energy Minister Tim Hodgson unveiled the plan on 22 June 2026, setting concrete targets: up to ten new large-scale reactors by 2040, with two under construction by 2035, and at least one reactor operational or underway outside Ontario by the same date. The nuclear sector currently contributes C$22 billion annually to the Canadian economy and employs 90,000 people. The strategy aims to double that workforce by 2050.
The most advanced project is the Darlington New Nuclear Project in Bowmanville, Ontario, where Ontario Power Generation is building four BWRX-300 small modular reactors developed by GE Hitachi. It will be the first operational SMR among G7 nations. The Canada Growth Fund has already committed C$2 billion, with the province of Ontario contributing another C$1 billion. An additional C$700 million in loan guarantees will convert into equity stakes in the project. The federal government also announced that the seven Williams Treaties First Nations will become minority shareholders in the facility through the Indigenous Loan Guarantee Programme. Each 300 MW unit will power approximately 300,000 homes.
The strategy rests on four pillars: new domestic construction, export of nuclear technology and services, expansion of uranium production, and development of emerging technologies including fusion and microreactors. On the uranium front, Canada is already the world’s second-largest producer, accounting for roughly 24% of global output in 2024, almost entirely from Saskatchewan. The goal is to double uranium exports by 2035 relative to 2024 levels. For CANDU reactors, the strategy targets at least four new international markets by 2040, with ambitions to engage six to ten countries entering the nuclear sector for the first time over the next fifteen years.
On the financial side, the federal government has allocated C$2.2 billion over ten years to Chalk River Laboratories, the country’s leading nuclear research hub, to build the new Advanced Materials Research Centre and upgrade existing infrastructure. The Department of National Defence has committed C$40 million in 2026–2027 to assess the feasibility of a Canadian-made microreactor for remote military bases. A draft federal policy on financing new nuclear facilities is due by April 2027, outlining instruments such as green bonds, loan guarantees and Canada Infrastructure Bank involvement, drawing inspiration from the public-private model used in the UK’s Sizewell C project.
The strategy deliberately favours a limited number of designs for each application — grid power, industrial heat, remote communities — to reduce supply chain costs and streamline the regulatory process. This fleet approach is seen as the most effective lever for building a competitive domestic industry and a credible export platform. Saskatchewan is already evaluating the BWRX-300 near Estevan, while Alberta has launched its own consultation process and signed a memorandum of understanding with Ottawa in November 2025. If construction timelines hold, Canada could establish a leading position in the global nuclear market, which federal government projections suggest will grow to US$200 billion per year by 2030.
