In the past, Alberta was known for its business-friendly environment, but that seems to have changed now. The Government of Alberta has implemented a six-month halt on renewable energy projects, raising concerns. This pause puts 91 projects and $25 billion of investments in jeopardy, leading to the loss of jobs and harming the state’s reputation as an investment destination.
Alberta has been a hub for wind and solar energy in Canada, contributing significantly to the local economy, job creation, and revenue generation. However, this moratorium sends negative signals to investors, impacting the region’s prospects during a crucial time.
Despite having a chance to develop Alberta’s energy sector, the government’s decisions might jeopardize this opportunity. The state could either shape its future in energy leadership or let others dictate its path. The right choice should be evident: continuing to excel in various energy sectors, including oil and gas.
Past governments have disappointed Albertans by subjecting them to economic ups and downs. The Renewables Electricity Program introduced in 2015 aimed to break this cycle and develop a stable economy, but more time is needed for lasting change.
“Albertans have been let down by governments that have kept us on the boom-and-bust rollercoaster. In 2015, the Alberta NDP government worked hard on changing this vicious cycle by launching the Renewables Electricity Program that enabled Alberta’s $4-billion renewables sector, unlocked a sector in the energy economy that is creating jobs, attracting investments, and addressing the boom-bust cycle we are in. But four years isn’t enough to build a more stable and diversified economy” continues Nagwan Al-Guneid.
The consequences of economic volatility are evident, affecting employment, housing, and businesses negatively. Albertans are tired of this cycle and deserve a better future. To achieve this, Alberta should embrace renewable energy while also addressing emissions from the fossil fuel industry.
Leadership is crucial, focusing on the future rather than dwelling on the past. The state’s resilience and innovation have made it an energy leader before, and this spirit should drive progress now. The private sector is already embracing change, showing that ambitious environmental goals are possible.
Investors seek consistent policies and climate action, which the government should support. Alberta’s history of supporting energy innovation should continue. Transforming industries and investing in clean technology can strengthen the economy, especially in response to global economic shifts.
This transition won’t be instant and requires collaboration, innovation, and planning. It’s essential to end the renewable energy moratorium, prioritize economic policies and climate action, and reopen the province for business.
“Our neighbours are moving boldly into the economy of the future. Now is the time to not only transform Alberta’s industry and build on its success but to also embrace all types of energy, as well as enabling tech and cleantech to secure our economic future.
As when we re-purpose our current assets, we will create jobs, attract investments, and reduce the risks of living in a boom-and-bust economy.
And while doing all that, we will meet Alberta’s and Canada’s climate commitments to secure a net-zero future. Alberta is part of the solution. There is no net-zero in Canada without Alberta” concludes Nagwan Al-Guneid.
Overall, Alberta’s potential lies in renewable energy and sustainable practices, essential for both its economic future and Canada’s climate commitments.
Source: Calgary Herald by Nagwan Al-Guneid
