As a longstanding energy powerhouse, Alberta leads Canada in oil and natural gas production. Meanwhile, the province boasts abundant wind, solar, bioenergy, and geothermal resources that are driving the development of new renewable technologies. With its blend of traditional and renewable energy resources, Alberta is setting an example for the global energy transition.
Invest Alberta plays a key role in supporting investment and growth in this evolving sector, helping businesses capitalize on Alberta’s vast energy opportunities. This article explores Alberta’s role in sustainable energy, highlighting the investment prospects arising from the province’s energy transition and its implications for the economy, environment, and energy security.
The Importance of Energy Security in Alberta
As exciting renewable energy initiatives emerge around the world, Alberta embraces a balanced approach to energy transition. Recognizing the need for responsible energy production, Alberta’s reliable energy fuels cutting-edge technology to be a world leader in energy security — advancing clean energy while ensuring a reliable, affordable energy supply. At Invest Alberta, we see this move as an opportunity to pave the way toward responsible energy development while fostering investment and growth in the sector.
Integrating Traditional and Renewable Energy
As Alberta explores the intersection of traditional and renewable energy, notable projects have emerged, hinting at the region’s vast investment opportunities. For example, the Alberta Carbon Trunk Line System will capture up to 14.6 million tonnes of CO2 annually and inject it into depleted oil reserves. Alberta also completely eliminated coal-fired power production in 2024, six years ahead of schedule. The rapid scale-up of renewables and cleaner-burning natural gas contributed to this phase-out.
Additionally, Alberta’s Technology Innovation and Emissions Reduction (TIER) regulation is driving emissions management in the province. The TIER system helps industrial facilities stay competitive by investing in clean technology and finding innovative ways to reduce emissions while saving money.
Sustainability Projects
Alberta’s first geothermal facility, Alberta No. 1, is a prime example of sustainability projects in the region. Also known as the Greenview Geothermal Power Plant, Alberta No. 1 will be the province’s first conventional geothermal energy facility, featuring a wellfield, power generation plant, and district heating infrastructure. The $106 million project, backed by $25.45 million from Natural Resources Canada, is set to create nearly 300 direct and indirect jobs. Once operational, it’s expected to produce 10 MW of clean electricity and 985 TJ of clean heat annually, helping offset over 97,000 tonnes of CO2 each year.
Additionally, Alberta is working to offset emissions across all sectors through projects that have voluntarily reduced greenhouse gas emissions.
Emerging Technologies
Alberta leads new wind and solar installations in Canada. Meanwhile, the Alberta Electric System Operator (AESO) is working to address the inherent challenges of grid integration and energy reliability. To that end, Alberta has added over 500 megawatts of solar power capacity, making it Canada’s largest solar energy producer.
Alberta is also well-equipped for large-scale carbon capture, utilization, and storage (CCUS), with the geological capacity to store enough CO2 to achieve carbon neutrality by 2050. In 2022, 25 CCUS hubs were approved for evaluation, supporting decarbonization efforts across industries such as oil sands, power, clean hydrogen, petrochemicals, cement, and steel.
Economic and Environmental Impact
Balancing traditional and innovative energy sources can have substantial economic benefits, including job creation and economic growth. Alberta’s Emissions Reduction and Energy Development (ERED) plan aims to reduce emissions while also encouraging economic growth, attracting investment, and supporting Indigenous communities and job creation. Additional ERED initiatives include exploring hybrid renewable energy systems combining solar, wind, and battery storage to bolster grid stability and reliability. Such systems will be crucial as energy demand increases amid the development of cloud storage, cryptocurrency, and data center infrastructure supporting artificial intelligence technologies.
Embracing the Alberta Energy Future
By balancing traditional energy infrastructure with renewable energy initiatives and emerging technologies, Alberta serves as a model for regions undergoing similar transitions. With Alberta paving the way toward a cleaner future, there’s never been a better time to explore the many opportunities in Alberta’s evolving energy sector. To learn more about investing in energy transition projects within Alberta’s burgeoning energy sector, please reach out to Invest Alberta today.
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