Statement by Stephen Legault, Senior Manager, Alberta Energy Transition
The Alberta government’s 2025 budget threatens the future economic prosperity of the province by failing to take action to transition from a fossil fuel based economy to a renewable energy economy.
According to the International Energy Agency (IEA) 2024 Oil Futures report, demand will plateau within the next two to three years, and by 2030 the world will need 1,000,000 barrels a day less oil each year as countries move forward with net-zero commitments.
That sea change will happen during the next term of government. This is not some future scenario dreamed up by science fiction writers. This is a near-term forecast by the most credible energy insiders in the world.
The IEA also predicts a glut of oil on the market, with a projected oversupply of eight million barrels a day by 2030. A combination of declining markets and over supply could lead to a collapse of the price of oil.
By failing to reverse its punitive stance on renewable energy, invest in electrification infrastructure, and urgently diversify its revenue expectations, Alberta is condemning its energy industry to play second fiddle to jurisdictions transitioning to renewable energy, while countries like Norway, the UK, and Germany take the lead on energy transition.
ABOUT ENVIRONMENTAL DEFENCE (environmentaldefence.ca): Environmental Defence is a leading Canadian environmental advocacy organization that works with government, industry and individuals to defend clean water, a safe climate and healthy communities.
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For more information or to request an interview, please contact:
Alex Ross, Environmental Defence, media@environmentaldefence.ca
