Coal implosion should hold important lessons for Alberta’s oil sands industry.
. One might argue that the decline of oil will be delayed by rolling back climate laws or massive government funding for carbon removal technologies. The reality is that coal jobs have not come back and probably never will. Oil could follow a similar trajectory.
Generating false hopes for the revival of oil is irresponsible because it is making Alberta, a high-cost oil producer, even more vulnerable to oil downturns. The wise policy is to start preparing Alberta for a soft landing. The basic idea is to invest in creating non fossil-fuel jobs. At minimum, Trudeau’s government should not throw a lifeline to the Trans Mountain Pipeline because it is creating an even bigger stock of stranded assets.
The Trudeau syndrome reveals the perils of democracy where leaders embrace policies to secure short term political gains. Trudeau’s false populism did not fetch him votes in Alberta. Maybe it is time for him to reverse course on the pipeline and guide Alberta towards a more diversified economy with a sustainable economic trajectory.
Nives Dolsak is Professor and Director of the School of Marine & Environmental Affairs. Aseem Prakash is the Walker Family Professor and the Director of the Center f...
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