Global energy transition could be a $61B opportunity for Alberta, new study finds

A new study says the global energy transition could create 170,000 jobs in Alberta and contribute $61 billion to the province’s GDP by 2050.

But it suggests Alberta will have to swiftly ramp up investment in clean tech or risk missing out.

Alberta companies are already at the forefront of clean tech investment in Canada.

The study says the province has the ability to be a global leader in areas like carbon capture and storage, hydrogen production and electrification.

What makes Alberta so ideal for further clean tech innovation, the study says, were characteristics such as sophisticated resources and infrastructure, a history of industry collaboration and investment, and a wealth of specialized talent.

But it stipulates that Alberta will need to invest more than $5.5 billion in clean tech by 2040 in order to fully capitalize on the opportunity. The current level of cleantech investment in Alberta is less than $1 billion annually.

“For comparison, continuing on a business-as-usual path results in a materially lower 20,000 new jobs and contributes $4 billion in GDP by 2050,” the study said.

The study was commissioned by Calgary Economic Development and Edmonton Global.

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