Oil and the Future of Alberta's Economy

Alberta’s oil sector has been an economic workhorse for decades. As of 2019, it was contributing over CAD 68 billion to the province's economy. But, according to a new IISD report, its long-term market outlook is challenging. By the end of this decade a combination of market forces, global climate policies and geopolitics will drive a long-term decline in the sector as a producer of burnable hydrocarbons. Even in the interim, oil’s contribution to Alberta’s prosperity will be nothing like what it has been in the past.

So where do we go from here?

This event took place on June 3 (10:00-12:00 MDT). Key experts weighed in on critical questions, including:

• What are the short-term and long-term prospects for Alberta’s oil sector?
• What are Alberta’s next growth opportunities? What are the obstacles?
• What is the role for government, the private sector, and others in transition and diversification?

Agenda at a glance

Context: Key insights from IISD report In Search of Prosperity (5 mins)

• Aaron Cosbey – International Institute for Sustainable Development

The challenge: Oil’s future as a driver of Alberta’s prosperity (50 minutes)

What are the short and long-term prospects for oil as a driver of prosperity? What are the policy implications in terms of government support for the sector? What role is there for oil in the transition, diversification of the Alberta economy?

• Jennifer Winter – University of Calgary School of Public Policy (Moderator)
• Andrew Leach – Alberta School of Business, University of Alberta
• Richard Masson – U of C School of Public Policy; World Petroleum Council
• Aaron Bennett – Sustainable Investment Strategy and Research, Jarislowsky Fraser
• Nina Lothian – Pembina Institute

The possibilities: Transitioning to new growth opportunities (50 mins)

What are the key areas of potential for future prosperity? What obstacles are there to achieving that potential? How to address them? How to support workers in the transition?

• Marla Orenstein – Canada West Foundation (Moderator)
• Alison Cretney – Energy Futures Lab
• John Zhou – Alberta Innovates
• Rachel Samson – Canadian Institute for Climate Choices 
• Angella MacEwen – Broadbent Institute