Opinion: Alberta, it’s time to move from hedging bets to staking claims in the energy transition

Source: Alison Cretney & Mike Wilson | · CALGARY HERALD · | June 9, 2022

Source: Alamy

If the urgency to transition to lower-emission energy sources wasn’t already obvious, the events of the last few months have dispelled any remaining doubt. The surge in energy prices, Russia’s weaponization of its oil and gas exports, and renewed federal investments in climate policies and programs all clearly show that the world and its climate have reached a defining moment, and Canadians, our businesses and our political leadership have a choice to make: Will we define this critical moment in history for ourselves or will we let it define us? In other words, will we make our largely hydrocarbon-based economy future fit?

The conversation around hydrocarbons is often polarized: one side wants to see a resurgence in fossil fuel production, the other a complete elimination of it. In truth, neither of these viewpoints adequately address what is a very complicated problem. One viewpoint assumes that the role hydrocarbons play in our economy will continue to play around the world, and the “drill baby, drill” versus the “keep it all in the ground” debate fails to recognize the proven innovation and imagination of Canadians united in a common goal.

That’s why Energy Futures Lab partnered with Smart Prosperity Institute, the Business Council of Alberta, Canada West Foundation, Co-operators, The Natural Step Canada, Max Bell Foundation and Emissions Reduction Alberta, along with support and guidance from members of an Indigenous Advisory Committee. Together, we’re exploring how Alberta can use policy to attract investment into future-fit hydrocarbon industries — industries that will help Canada reach its emissions reduction goals while growing and diversifying our economy.