Time to talk the `D-word' in Alberta

After seven months, many are tired of hearing the same messages about the unprecedented times and the turmoil caused by the COVID-19 pandemic and the resulting economic challenges.

But here's the reality. Albertans are facing the challenge of our generation. The darkened office towers sitting empty in downtown Calgary will not fill themselves or provide the next generation with confidence that their future is in Alberta. The persistent weakening of our largest economic driver over the past five years has forced us to look at our future with a fresh perspective. It is time to talk about the “D” word — diversification. It isn't an either-or conversation but one where we can build on our natural strengths to ensure Alberta continues to be the economic engine of Canada.

Alberta is often called the “Texas of the North” because people think of energy and agriculture. However, Texas has purposefully diversified its economy to be at the forefront of innovation, technology, health and life science, advanced manufacturing, aerospace and finance.

Learning from jurisdictions like Texas, Alberta's government has purposefully built our Recovery Plan for the future — faster than any other province.

Our Recovery Plan builds on our strengths by positioning Alberta to be a world leader in hydrogen energy — an industry that will be worth trillions globally. It also meets the demand for plastics and minerals such as lithium, vanadium, nickel, rare earth metals, diamonds and more to manufacture batteries, cellphones and other everyday products. Alberta will also continue to feed the world through the largest investment in agricultural infrastructure in a generation.

These steps alone will unlock immense potential and create thousands of jobs across Alberta. However, why would we limit ourselves?

Did you know that the University of Alberta is a world leader in artificial intelligence (AI) and machine learning? This sector is forecasted to grow into a $16-trillion industry globally. A key focus of the Alberta Recovery Plan is to harness this intellectual horsepower by commercializing AI and machine learning to find new applications in medical technology, agriculture, clean energy, manufacturing and more.

This isn't just a pipe dream. Calgary recently broke its record for venture capital investment, raising more than $200 million in 2020, with months still left to go. This shatters the previous record from 2019 of $136 million.

Alberta has planted our technology flag in the ground and we intend to compete. Our plan is taking a united approach in making policy decisions that will create high-paying jobs for Albertans and make this province the best place in the country for investment and growth.

While the hurdles our energy sector faces are immense, Alberta has a clear road map to diversify our economy and build on our strengths.

Let's get to work.