Our vision is a net-zero world in which the Alberta’s energy industry is competitive and is a leader in innovation and emissions reduction technology. To address climate change and ensure long-term economic prosperity, Alberta will need to lead the energy transition and provide reliable, affordable and clean energy to the world.
Addressing climate change is the challenge of our time. With the world moving to a lower carbon future, Alberta’s resource industry faces an existential threat. Alberta has risen to the challenge and is building on decades of leadership in innovation to drive down emissions and reduce the environmental impact.
Canada has set ambitious targets to reduce greenhouse gas emissions and achieve net-zero emissions by 2050. Given the emissions intensity of Alberta’s economic activity, we will be a critical part of achieving these goals. The energy industry has decreased emissions by 30% per barrel since 2000 – and we know there is more work to be done.
Technology and innovation will be the key to ensuring we have a competitive and sustainable resource industry. While industry is leading the way and has demonstrated tremendous success to date, entrepreneurs and innovators often face challenges in attracting or accessing capital.
Alberta has the natural resources, ingenuity, and collaborative track-record required to lead the way in realizing a net-zero future. Our focus on sustainably developing traditional natural resources is complemented by our technology advancements in hydrogen, geothermal energy, carbon capture, utilization and storage, mines and minerals. Advancements in each of these areas will be critical to our long-term competitiveness, economic diversification and sustainability.
As many of the worlds most challenging problems do, addressing climate change will require collaboration – from industry, academia and all levels of government. Through projects like Alberta Oil Sands Technology and Research Authority (AOSTRA), Alberta has a proven capabilities of developing groundbreaking technology. Today, we see similar collaborative initiatives including Pathways to Net Zero, an alliance of six energy companies that operate 95% of Alberta’s oil sands production, pledging to achieve net zero emissions by 2050.
Canada and Alberta’s emissions reduction technology will be in demand in both domestic and international markets as we transition to a lower-carbon economy. Investing in innovation accelerates the growth, commercialization and adoption of Canada’s homegrown technologies and supports decarbonization globally. Advancing the sector through innovation positions our industry to be competitive over the long-term, facilitating investment and attracting capital.
Invest in technology that reduces emissions and increases our competitiveness in the low-carbon economy. Explore clean technology investments across sectors, acknowledging that many industries, including transportation, agriculture, manufacturing, and health, can benefit from emissions reduction innovations.
Support companies in attracting investment globally and from the U.S., particularly as the U.S. Administration advances its priority on clean technology.
Simplify existing tax credit programs and establish new incentives that support producers in developing and deploying innovative technologies that reduce emissions.
Extend the carbon capture tax credit and increase direct investment to support the uptake of carbon capture, storage, and utilization, including for enhanced oil recovery projects, and advance Canada’s position as a leader in this area.
Develop a new ‘Natural Resource Innovation Supercluster’ to expand innovation and economic activity and support industry’s efforts to move towards a lower-carbon economy.
Emphasize Canada’s contribution to carbon capture, storage, and utilization technologies and practices as well as its abundant contribution to carbon sinks.
Equip all producers and exporters of energy and other products to adapt ESG reporting to align with requirements of global investment.
Expand and facilitate the creation of clean technology accelerators and incubators across Canada.
Fund the transition to clean energy by investing in technology at all levels of the innovation ecosystem, including the establishment of a co-investment model.
Share our ESG and innovation stories domestically and internationally to mitigate concerns about sustainability and emissions.
With the growth of the global hydrogen market estimated at $2.5 trillion in the next 30 years, Alberta has the infrastructure, regulatory framework, talent and skills needed to establish its leadership position in hydrogen development.
Federal and provincial governments announce climate action and investment, indicating the continued need for rapid action, scale-up of emission reduction innovations and investment to achieve climate targets and sustainable development of Alberta's resources.
Constructive dialogue and a solutions-oriented approach is the way forward to position Alberta's energy sector for a competitive, sustainable and prosperous future.