New study suggests Alberta could see $61B boost from global energy transition
Two Alberta politicians are in Houston this week, selling the province as not only a leader in the oil and gas industry but also in clean energy.
Mayor Jyoti Gondek and Energy Minister Sonya Savage are in the U.S. to take part in the Global Petroleum Conference.
According to the Alberta Energy Transition study released Tuesday — conducted by Delphi Group, Foresight Canada and Cleantech Group — a global energy transition could create 170,000 jobs in the cleantech sector in Alberta and add $61 billion to GDP by 2050.
However, in order to do so, the group stipulates Alberta needs to invest more than $2.1 billion a year in cleantech by 2030, and increasing the commitment to $5.5 billion by 2040.
If Alberta doesn’t invest more than its current level — less than $1 billion annually — the study forecasts the sector will instead only generate 20,000 jobs and $4 billion in GDP by 2050.
The study identifies six sectors with the greatest potential to attract foreign investment including:
- Carbon capture utilization and storage;
- Energy efficiency; and,
- Hydrogen production and utilization.
"As the heart of Canada’s energy sector and home to the biggest concentration of Alberta's cleantech companies, Calgary is positioned to be a leader in the race to net-zero," said Calgary Mayor Jyoti Gondek in a press release. "With the commitment from key industry players, we are poised to create jobs, grow the economy and protect the environment."
Mayor Gondek says she will be highlighting Calgary as a centre for energy transitions and her trip stateside comes a month after city council declared a climate emergency.
Minister Savage will be travelling to New Orleans this week for the Energy Council Conference, before returning back to Alberta Sunday.
Calgary is slated to host the Global Petroleum Conference in 2023.
Premier Jason Kenney is scheduled to discuss Alberta’s economic recovery including discussions on the energy sector, climate change and diversification at the Calgary Chamber of Commerce Wednesday.