Thread by @RachelNotley

The following is a portion of my comments concerning the future of energy in Alberta to the Calgary Chamber:

Our economy is going through fundamental and permanent changes.

There is no denying that we are now in the middle of an energy transformation. #ableg #yyc #abfuture

In fact, how we power our economy is changing too.

Our renewable energy industry is taking off. We now have more wind power than coal.

Hydrogen development is becoming more prominent and poses an exciting prospect for our future.

#ableg #yyc

Global spending on the pursuit of low-carbon energy rose by over 25 per cent last year alone. $755 billion dollars worldwide, according to Bloomberg.

#ableg #yyc

To me? We can either turn our backs on this transformation and get dragged along OR, we can saddle up, take the reins, and LEAD THE CHARGE.

#ableg #yyc

I commit to you, if I am fortunate enough to earn the support of Albertans in the next election Calgary will NOT be left behind as the rest of the world moves on to the next energy conversation.

#ableg #yyc

Calgary has ALWAYS been the centre of the business of our energy industry.

Under any government I lead, that will continue. We will act with purpose to ensure this transformation is headquartered RIGHT HERE.

#ableg #yyc

We will protect Calgary’s reputation as a global energy leader as we pursue new forms of energy, enhance our strengths, and compete worldwide.

#ableg #yyc

Alberta will join the biggest players in our oilsands in achieving one of the most ambitious goals ever set by the industry: net-zero emissions by 2050.

#ableg #yyc

A future where we’re taking as much carbon out of the atmosphere as we’re putting in.

And our government would go further by achieving net-zero emissions in our electricity grid much earlier, by 2035.

#ableg #yyc

A recent report from Calgary Economic Development shows achieving net-zero will create 170,000 jobs in clean tech, and generate $61 billion in GDP.

#ableg #yyc

With 2050 as our goal, our government will undertake significant effort — through competitive public policy and clear regulatory frameworks—to supercharge this transformation.

#ableg #yyc

We will get hydrogen projects off the ground FASTER, racing to export markets to be one of the first global suppliers of this energy source; competing seriously with Germany, Australia and the U.S.

#ableg #yyc

We will create a new framework to turn abandoned oil and gas wells into geothermal wells, creating jobs and energy out of our natural expertise.

#ableg #yyc

We will scrape the bottom of EVERY SINGLE BARREL, making carbon fibre out of our bitumen and getting more value out of the resources we all own.

#ableg #yyc

And we will continue to develop our renewable energy sector, alongside our current energy projects.

We know the world will continue to need our oil and gas.

The forecasts for demand are clear.

#ableg #yyc

In fact, ATB chief economist Todd Hirsch says oil and gas will continue to be the backbone of our economy even as we embrace these other goals.

#ableg #yyc

But the question is, HOW we act to lead this future.

The higher commodity prices we’re seeing are a GOOD THING, a welcome change from the lowest lows of the pandemic, and better than anything I saw as Premier.

#ableg #yyc

In my first year in office, WTI was $28 dollars and it never went higher than $65.

But today? It’s over $90, and analysts expect it to keep climbing.

#ableg #yyc

All of this to say, we have entered a period where the oil and gas majors in particular have real cash flows, which means new opportunities.

#ableg #yyc

Higher cash revenues also means a period of higher royalties.

Albertans are looking to all of us, as leaders, to make sure this return sets us up for long-term growth in many different sectors.

#ableg #yyc

Meanwhile, the other side of rising prices is the risk that the federal government and other provinces might look at this growth and ask Alberta to shoulder the costs of our energy transformation alone.

#ableg #yyc

We can’t let that happen. We have to work together.

And our part of this job as Albertans is to take our track record as a progressive energy producer and accelerate it.

Calgary is a world leader in all forms of energy and we must SHOW IT.

#ableg #yyc

We will also lower emissions SIGNIFICANTLY, sending a message to the world about who we are as Albertans beyond a press release or a Twitter account.

#ableg #yyc

To put it another way, we will WALK THE TALK.

This will not be easy but I know Calgarians are ready for this challenge.

The people of this city will not let the world define them.

When it comes to the next steps in global energy… we will define the world.

#ableg #yyc