The Alberta energy industry is set to spend nearly $730 million this year to tap into innovative resources like hydrogen, geothermal, lithium and helium.
According to the Alberta Energy Regulator (AER), that’s a 250% spike in investments when compared to 2020, with projections showing it will go even higher.
Emerging energy sources only began to be taken into account in the AER’s annual reporting last year, painting a picture of what’s becoming a booming industry.
Alberta also has the natural advantage of being abundant in all four emerging resources.
“We have advantages in all four categories. They are important,” said AER economist Afshin Honarvar.
“That is interesting for people to know. Provincially, nationally and globally this is something they are interested in, and they would like to see how we are progressing.”
Alberta has already emerged as Canada’s largest provider of hydrogen as it outputs nearly 2.5 million tonnes each year. In total, Canada produces three million tonnes a year.
The province has also invested in using carbon capture storage emission outputs to produce “blue hydrogen” to offset the impact on the environment.
“We have the right skill set; we have the right infrastructure. We have the human resources, with the knowledge that can be transferable in this area very easily,” said Honarvar.
“Geothermal is no different.”
The new figures come as the federal government unveiled its Clean Electricity Regulations which require provinces to have a net-zero electricity grid by 2035.
Draft regulations remain open to which technology provinces use to achieve the target and still allow for fossil fuel energy sources when paired with carbon capture technology.
Alberta Premier Danielle Smith has stated that her province will not follow through on the 2035 target but instead stick to its original target of 2050.
“We will never allow these regulations to be implemented here, full stop,” said Smith.
“If it comes down to it, we are going to do our own thing. We have to.”
