Arctic Sovereignty – Arctic Development – Strategic Resources – November 2007 Can Alberta's Resource Extraction-based Strategic Economic Plan Be Adapted for Developing Canada's North ? Edited excerpts from a speech by Alberta's Premier, Ed Stelmach [1] Alberta's Oil Revenue Will be Invested to Create a Diversified Economy 
CASR Editor: The premier of Alberta, Ed Stelmach, [update: in office 14 Dec 2006 to 07 Oct 2011,
succeeded by Premier Alison Redford] from has announced a ten-year plan for his province. Alberta is faced with unprecedented economic growth – arising from the exploitation of natural
resources – especially oil and gas reserves. But Premier Stelmach is aware that the extraction of natural resources – especially of fossil fuels – represents a notoriously transient source of wealth.His strategic economic plan seeks to take the wealth generated by the oil sands and invest it in longer term projects – infrastructure, public transit, renewable energy sources , health care for an aging population , academic education , and technical training for the young. These investments, he believes, will serve to spawn new economic 'engines' for the future – diversifying the Albertan economy and spreading the benefits of the short-lived fossil fuel boom over a wider geographic area and over a much longer time period. He wants the sporadic spurts of wealth, engendered today by oil and gas, to seed long-term prosperity for many generations to come. In our In Detail series called Arctic Spring, this speech by Alberta's premier will serve as a jumping off point for questions of relevance to the whole of Canada. Can this long-term economic strategy be applied to Canada's North, where these resources belong , collectively , to all of the people of Canada? Can the central government of Canada use the wealth from our natural resources to invest in greater prosperity for all Canadians – especially for those people who live and work in Canada's North? Perhaps Premier Stelmach's plan for Alberta will allow us to approach the development of Canada's North with our eyes wide open – alert to all the obstacles and pitfalls – and yet boldly optimistic in the dawning recognition of all the opportunities that lie before us. Albertans can build an economy we will be proud to leave to our children Alberta has become Canada's engine of economic growth – the only debt-free jurisdiction in North America, with no sales tax, and very low personal taxes. With a global demand for Alberta's natural resources, we are also recognized as a safe and stable source of energy. We have the ability to build a future where prosperity goes hand-in-hand with opportunity, a world-class quality of life, and a deep-rooted respect for the environment that we have inherited. This government has a plan to build our communities, protect the environment, and create the next wave of opportunities for our children and grandchildren. Our new plan will transform the opportunities of today into a secure tomorrow. All Albertans rely upon our roads and highways, our hospitals, schools and universities. This government has launched the most aggressive investment in public infrastructure in Alberta's history – $18 billion over the next three years. A Good Beginning – But We Need To Do More – Creating new opportunities 
Central to our future prosperity is a commitment to 'add value' to our traditional resources in energy, agriculture, forestry, tourism, and health sciences. We must build on these strengths.
This will involve making choices – and, perhaps, taking some risks. But doing nothing poses a far greater threat. The diversification of our economy will be driven by the creativity of
Albertans. And we'll support them by encouraging investment and research that transforms new technologies – like materials engineering and [renewable energy sources – into viable
products].Smoothing Out the Boom & Bust with a New Resource Royalty Framework We all know that much of our resource wealth is non-renewable. Once used – it's gone forever. So, to build a stable and prosperous future, we must ensure we get the best economic return on the development of our resources. Alberta's current oil and gas royalty regime has attracted billions of dollars in investment. [Premier Stelmach imposed new royalties on the oil companies. These royalties were substantially lower than those recommended by his advisory panel. Still, the increase in revenue amounts to billions of dollars per year. These funds can be used for the investments that Premier Stelmach outlines in his speech.] The oil and gas deposits that have underwritten our prosperity in the past are gradually depleting. We're overseeing the development of new and innovative techniques to get the most from these traditional sources of energy. This new royalty regime recognizes these changes – it recognizes the urgent need to create new industries, new jobs, and adapt our economy to the future. Alberta needs new ideas – new attitudes – to secure our continued prosperity 
Decades from now, when our conventional energy resources are gone, our children must be left with an economic foundation for their prosperity. We have instituted many all-party committees to
give the opposition a chance to contribute in a positive way. I've described to you a new [strategic economic] plan for a new time, and a new Alberta. Our province, 30 years from now, will be
forged by the decisions we make today. Our new plan, as outlined, honours our past, addresses the challenges of the present, and builds a strong bridge to a prosperous
future.[1] 'A Plan for the Future', Premier Ed Stelmach, 24 Oct 2007 (available as a transcript). CASR | Arctic Spring | Arctic Sovereignty - Index | Arctic Empires | Arctic Viking |