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Arctic  Development  –  Strategic  Resources  –  November  2007 Can   Alberta's   New   Strategic  Economic  Plan Be  Adapted  for  Developing  Canada's  North ? Edited  excerpts  from  a  speech  by  Alberta's  Premier,  Ed  Stelmach  * Alberta's  Oil  Revenue  Will  be  Invested  to  Create  a  Diversified  Economy CASR editor: The premier of Alberta,  Ed Stelmach, 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.     *  ' A  Plan  for  the  Future '  –  Premier  Ed  Stelmach  –  24  October  2007      Available  as  a  transcript  or  a  video  on  the  Albertan  Premier's  website.