Economic diversification: Find out where parties stand before Alberta votes

For nearly as long as Alberta's oilpatch has endured boom-and-bust cycles, there have been calls for the province to diversify its economy. In the last three years, oil prices crashed into negative territory and then rebounded to provide the province with a huge royalty windfall.

The demand for oil and gas won't disappear overnight, but, amid a global push for more clean energy, there are continued calls for Alberta to plan for a future when it can't lean as hard on fossil fuels for its economic well-being.

Finding ways to build a more resilient, less volatile economy is a key challenge for policymakers, economists and entrepreneurs.

Alberta could grow its emerging tech sector, supporting software development, artificial intelligence and cloud solutions.

Keeping energy in mind, it could target alternative options, such as solar, wind, nuclear and hydrogen.

Then there are ongoing developments and evolutions in the province's oldest industry, agriculture.

The province's film industry has also been grabbing recent attention.

But attracting the people that can develop and support these sectors, including energy, will also be key in charting a course for a more diverse economy.

Analysis from Joel Dryden, CBC News

Below is a snapshotofpartyannouncements on economic diversification in recent weeks. The partiesincluded arethose that have previously elected an MLA or had44 registered candidates by nomination day on May 11.

Party announcements compiled by Kelsea Arnett, CBC News

Alberta Party

• Establish an Innovation Business Advisory Council comprised of multidisciplinary business leaders and academics.
• Advise holistic policy development to benefit innovation across all sectors.
• Involve local governments/communities/groups to ensure policies are inclusive and beneficial to Alberta's society.
• Involve environmental academics to ensure policies will not damage the environment.
• Develop fiscal policy to attract private capital into innovation sectors through:
  • Corporate R & D based-In Alberta tax incentives.
  • Scientific Research and Experimental Development (SRED) tax credits.
  • Investor tax credits.
  • Increase indirect investment vehicles such as the Accelerate Fund and Alberta Enterprise Corporation.
• Expand access to post-secondary institutions for rural students through satellite campuses and distance learning.
• Expand investment in research institutes at Alberta's post-secondary institutions through project-specific grants for projects with specific goals, timelines and research specifications for how to translate the research to Alberta's society and economy.
• Expand investment in accelerator programs such as Creative Distribution Labs, Health City Accelerator, Alberta Innovates and Startup TNT supported accelerator programs.
• Diversify the economy through tourism, green energy and emerging industries.
• Create strategies for implementation of value-added products and processing in forestry, agriculture and other key industries in the province.
• Policies based on efficient markets, the removal of barriers for large and small businesses, collaboration with industry and an entrepreneurial ecosystem reflective of Alberta's strengths and natural assets. Source.

Alberta Liberal Party

• "Back to Work Grant" that would provide $160 million annually to unemployed or underemployed Albertans looking to start new careers.
• Bring back an improved version of the "Alberta Jobs Now" program that helps employers offset the cost of hiring and training unemployed and underemployed Albertans.
• Simplify compliance procedures for small businesses, tackle Alberta's skilled labour shortages and strengthen the innovation economy and renewables sector.
• Reduce barriers to having credentials from outside Alberta recognized, including cross-province mutual recognition of job qualifications.
• Creating a "Workforce Development Strategy" by collaborating with businesses, education institutions and other stakeholders.
• Create a framework for emerging industries like hydrogen, lithium, semiconductor manufacturing and renewable energy such as solar, geothermal and wind.
• Work with industry to expand their businesses and market access. Sources: here, here and here.
• Support the creation of an Alberta carbon tax.
• Fund renewable energy research to make projects more economical and promote competition in energy supply to reduce costs for customers.
• Create a disaster preparedness and recovery budget based on a cumulative average of costs from last five years.
• Fund all watershed councils to develop land-use planning documents.
• Greater scrutiny of projects with large impacts on water usage.
• Reduce the amount of freshwater used in fracking.
• Opposing inter-basin water transfers in all but the most extreme circumstances.
  • Inter-basin water transfers involve moving water from areas where it is available to an area where there is a shortage.Source.
• Greater transparency in reporting of contamination incidents such as the recent toxic tailings pond releases.
• Better monitoring of water quality downstream of industry.
• Address orphaned oil wells by making sure the sites are paid for and cleaned up by the industry. Source.

Alberta New Democratic Party

• Create an Alberta's Future Tax Credit targeting growth in emerging industrial sectors.
• Supercharge the Alberta Petrochemical Incentive Program.
• Use Performance Fast Pass to speed up approvals of projects for responsible companies.
• Consult with Indigenous communities on expansion of the Alberta Indigenous Opportunity Corporation.
• Repeal the Sovereignty Act.Source.
• Attract $20 billion in private-sector capital investment and create 47,000 good-paying jobs. Source.
• $1.2 billion towards projects in Calgary such as:
  • Beginning work on the north leg of the Green Line LRT.
  • Begin work on the North Calgary/Airdrie Regional Health Centre.
  • Build 40 schools.
  • Build more affordable housing.
  • Establish a downtown campus as part of the long-term plans for Calgary's future Innovation District.
  • Source.
• Create an Alberta Value-Add Incentive Program to help agricultural companies access capital.
• Set up a Local Food Incentive task force to incentivize small-scale, rural startups that can upgrade local ingredients to new food products.
• Increase staff to help navigate services and agro-food and value-added approvals.
• Lower capital borrowing costs for irrigation districts and municipalities.
• Bring high-speed internet to every Albertan by 2027.
• Support post-secondary schools with agriculture programs and ensure agriculture and AgTech are core to any technology strategy.Source.
• $200 million for a downtown Calgary campus to bring businesses, students and researchers together to facilitate collaboration and innovation, and support economic diversification.Source.
• Downtown Calgary revitalization including:
  • Partnering with the City of Calgary by matching their investment for office conversion and capital improvements.
  • Building the Green Line.
  • Making economic diversification a priority with targeted grants for small businesses to set up shop downtown, reinstating the Alberta Investor Tax Credit and the Interactive Digital Media Tax Credit.
  • Supporting the creation of an innovation district by working with post-secondary institutions to relocate or expand campuses downtown.
  • Source.
• Build the Lakeview Business District in St. Albert with the potential of unlocking new economic growth and creating an estimated 7,000 jobs. Collaborate with St. Albert City council to get it serviced in 2024. Source.
• Launch a functional planning study on the Industrial Heartland interchange within 100 days of taking office (interchange would be at Highway 15 and Highway 830, which runs through the Town of Lamont).
  • Will build the proper interchange immediately once the review is complete and determines what is the best shape and design.
  • Source.
• Raise corporate tax rates to 11 per cent. Source.

United Conservative Party of Alberta

• Alberta Job Growth and Diversification Strategy including:
  • Alberta is Calling signing bonus, a $1,200 non-refundable tax credit for targeted skilled trades and professions in areas including health care, child care and trades.
  • Graduation Retention Tax Credit, a $3,000 to $10,000 tax credit for students in qualified high-demand professions to stay and work in Alberta after graduation.
  • Increase auto-credentialing for in-demand professions to ensure there are no unreasonable barriers to approving credentials and expand auto-credentialing from provinces and countries with similar standards.
  • Promote the Film and Television Tax Credit and give an additional $100 million to the Alberta Enterprise Corporation to attract venture capital investment.
  • $25 million in Indigenous equity funds.
  • $2 billion for the Alberta Indigenous Opportunities Corporation (AIOC) loan capacity.
  • Expand the Agri-Processing Investment Tax Credit to forestry and other areas.
  • Develop programs similar to the Alberta Petrochemical Incentive Program for more capital-intensive technologies.
  • $3 million for the Feeder Assistance Loan Guarantee, which supports farmers with capital to feed their cattle through low-interest, leveraged financing backed by the government. The Corporate Finance Institute says leveraged financing involves using "an above-normal amount of debt, as opposed to equity or cash, to finance the purchase of investment assets."
  • Utilize the Regional Economic Development Alliances for investments under $50 million to lead the government's concierge and wayfinding services. Source.