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Top CEOs urge diversification as Alberta grapples to find its place in changing world

Alberta91裸聊视频檚 long-term unemployment rate is 2.4 per cent, higher than the national average of 1.4 per cent
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Shell Canada President Susannah Pierce poses in this undated handout photo. The oil and gas sector is simply 91裸聊视频渘ot as attractive as it once was91裸聊视频 to today91裸聊视频檚 young people, Pierce says. THE CANADIAN PRESS/HO, Shell Canada *MANDATORY CREDIT*

Susannah Pierce91裸聊视频檚 children aren91裸聊视频檛 interested in following in her footsteps.

The president of Shell Canada Ltd., one of Canada91裸聊视频檚 largest integrated oil companies, heads up a workforce of 3,500 Canadian employees, earned public recognition as the face of the $40 billion LNG Canada project, and has lived and worked around the world.

But Pierce91裸聊视频檚 15-year-old son and 13-year-old daughter don91裸聊视频檛 see a future for themselves in the industry where their mother has thrived.

The oil and gas sector is simply 91裸聊视频渘ot as attractive as it once was91裸聊视频 to today91裸聊视频檚 young people, Pierce says bluntly, an uncomfortable fact she and other energy executives are being forced to face up to 91裸聊视频 even within their own households.

91裸聊视频淚f the conversation isn91裸聊视频檛, 91裸聊视频業 want to work in the same business as you, Mom and Dad,91裸聊视频 then we have to ask ourselves why,91裸聊视频 Pierce said in an interview.

The dinnertime conversations between Pierce and her children are a scaled-down version of a wider discussion taking place in Alberta right now as an entire province tries to decide on its path forward.

While Alberta91裸聊视频檚 historic oil and gas sector still makes an outsized contribution to the Canadian economy, it has been battered and bruised by seven years of low prices, pipeline protests and cancellations, layoffs, and consolidation. The province91裸聊视频檚 unemployment rate is 8.5 per cent, and close to 30 per cent of downtown Calgary91裸聊视频檚 office market sits vacant.

Alberta91裸聊视频檚 long-term unemployment rate 91裸聊视频 the portion of the population that has been without work for more than a year 91裸聊视频 is 2.4 per cent, significantly higher than the national average of 1.4 per cent.

Even now, with crude prices higher than they91裸聊视频檝e been in years, there is widespread acknowledgment that the energy landscape has permanently shifted.

Climate change and the transition away from fossil fuels have moved to the forefront of the national and international conversation. Investment dollars are increasingly flowing to industries with favourable environmental performance, and companies 91裸聊视频 Shell included 91裸聊视频 are investing in green technology and decarbonization as part of their own net-zero commitments.

In the past several years, there have been various government attempts to address Alberta91裸聊视频檚 challenges, from tax credits aimed at boosting the province91裸聊视频檚 rapidly growing tech sector to incentives for petrochemical development and investments in hydrogen technology.

Recently, a group of prominent Alberta CEOs 91裸聊视频 including Pierce 91裸聊视频 came together to form their own task force with the aim of coming up with long-term solutions for the Alberta economy.

91裸聊视频淚t91裸聊视频檚 a service in support of what governments might be able to do, without asking governments to do it for us,91裸聊视频 Pierce said. 91裸聊视频淭he world is changing, in terms of the energy product it needs. And as a result, we must change too.91裸聊视频

The task force aims to come up with a series of economic strategies, policies and incentives that will attract investment and jobs to the province. It will also look at ways to keep young people in a province that is viewed by some as stuck in the past.

Also involved in the project, dubbed 91裸聊视频淒efine the Decade,91裸聊视频 are other heavyweights like Enbridge91裸聊视频檚 Al Monaco and Cenovus Energy91裸聊视频檚 Alex Pourbaix. And the task force includes executives of some of the province91裸聊视频檚 rapidly growing tech firms, such as artificial intelligence company AltaML and life sciences company DynaLIFE.

Diversification has been a buzzword in Alberta during previous commodity price downturns. It has always fallen by the wayside, though, when oil prices start to climb again, said Adam Legge, president of the Business Council of Alberta.

This time, however, it91裸聊视频檚 different, he said, and there91裸聊视频檚 no time to waste.

91裸聊视频淎lberta91裸聊视频檚 history of riding these boom and bust cycles 91裸聊视频 is frankly, gone,91裸聊视频 Legge said. 91裸聊视频淏ut we believe our best days are ahead of us. So many of the things that are happening In the world, the trends, the evolutions that are happening 91裸聊视频 Alberta really has a shot to be a global leader.91裸聊视频

David Taras, a political analyst based at Calgary91裸聊视频檚 Mount Royal University, said the idea of a group of Alberta91裸聊视频檚 top CEOs joining together to lobby for diversification, green energy, and the startup economy would have been unfathomable 10 or even 5 years ago.

The public relations message has clearly shifted away from defending traditional oil and gas, he said, to establishing Alberta91裸聊视频檚 role in the public eye as a future-forward investment destination.

91裸聊视频淭he global tide has shifted, and shifted dramatically,91裸聊视频 Taras said. 91裸聊视频淎nd the industry has not only caught up, but realized they have to move on, they have to be in a different place.91裸聊视频

The Calgary and Edmonton Chambers of Commerce are not involved in the 91裸聊视频淒efine the Decade91裸聊视频 initiative but recently released a joint wish list for the federal election that calls for commitments from all the parties with respect to diversifying Alberta91裸聊视频檚 economy.

Deborah Yedlin, president and chief executive of the Calgary Chamber of Commerce, said the organization is asking for everything from federal investments in grants and equity deals to foster the growth of the startup tech sector, to the creation of national Centres of Excellence within Alberta for sectors ranging from clean technology, artificial intelligence, and sports.

91裸聊视频淲e (Alberta) have the willingness to lead, but we can91裸聊视频檛 do it on our own,91裸聊视频 Yedlin said. 91裸聊视频淲e need federal support.91裸聊视频

Amanda Stephenson, The Canadian Press


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