The global energy transition could create 170,000 jobs in Alberta and contribute $ 61 billion to the province’s GDP by 2050, according to a new study released Tuesday by provincial economic development groups.
The report, commissioned by Calgary Economic Development and Global Edmonton, suggests that the global pursuit of climate targets and net greenhouse gas emissions by 2050 could be a boon for the province that still classifies traditional oil and gas as its industry. number one.
But the report also warns that if Alberta continues on a “business-as-usual path,” it will be on track for a material reduction of 20,000 new jobs and just $ 4 billion in GDP from cleantech sources by 2050.
The study, conducted by Delphi Group, Foresight Canada and Cleantech Group, suggests that the province has the opportunity to leverage its existing assets and infrastructure, as well as its highly educated workforce, to capitalize on cleantech opportunities such as capture and storage of carbon, hydrogen. production and electrification.
“Alberta’s proven track record in using collaboration, capital deployment and mobilizing resources to execute large-scale transformation projects should not be underestimated,” the report’s authors stated. “These strengths prepared the province to successfully face its next great challenge, the energy transition.”
The report also suggests that Alberta will have to rapidly increase investment in cleantech or risk being lost. It says Alberta will need to invest more than $ 2.1 billion a year in cleantech by 2030, increasing to $ 5.5 billion in cleantech by 2040 in order to fully capitalize on the opportunity.
The current level of investment in cleantech in Alberta is less than $ 1 billion annually.
What people are reading
The report’s release on Tuesday coincided with the World Petroleum Congress in Houston, Texas, one of the largest energy industry events in the world. Calgary Mayor Jyoti Gondek and Provincial Energy Minister Sonya Savage are among Alberta officials who traveled to the event to meet with potential foreign investors and discuss the progress the province is making on the front lines of the clean energy.
“It’s about changing the narrative. Making sure people understand the value proposition that is happening in Alberta and Calgary specifically around the energy transition, “said Brad Parry, interim president and CEO of Calgary Economic Development, in an interview from Houston, where he will also attend the event.
Parry noted that there are already 945 cleantech companies in Alberta, working on everything from energy efficiency to sustainable fuel development and high-tech agricultural solutions.
The global energy transition could be a $ 61 billion opportunity for #Alberta, a new study finds. #ABPoli # Energy transition
He added that in 2020, Alberta posted a record year for venture capital investment, with 51 deals representing a total of $ 455 million in investment, a 100 percent increase over 2019.
Still, he acknowledged that significantly more foreign direct investment will be required to significantly expand companies and technologies and create jobs.
“It is not going to happen overnight. This is a marathon, not a sprint. But the capital investment has to happen for us to prosper, “Parry said.
According to the report’s authors, Alberta is sending a positive signal to cleantech investors through strong public funding programs for emerging technologies and leading research institutions.
The report also suggests that the traditional oil and gas industry is helping by signaling its commitment to decarbonization through initiatives like the Oil Sands Net Zero Alliance.
However, the report criticizes the current Alberta government’s measures to shut down the province’s energy efficiency agency and repeal the carbon excise tax implemented by the previous NDP government.
“Less positive signals are also being sent to investors that may indicate that the energy transition and a serious pursuit of cleantech development are not a priority for Alberta,” the report said.
This Canadian Press report was first published on December 7, 2021.
Reference-www.nationalobserver.com