Deputy Prime Minister Chrystia Freeland emphasized the necessity of retooling all of Canada’s manufacturing in order to accommodate the current energy transition. She made these statements on Jan. 18 while attending the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland. Ms. Freeland, who serves on the WEF board of trustees, also participated in a panel discussion titled “No Recovery without Trade and Investment.”
During the panel, Ms. Freeland discussed the need for an industrial transformation to achieve net-zero emissions by 2050. This objective is driving the implementation of the Sustainable Jobs Act (Bill C-50), which seeks to redirect jobs lost in the oil and gas sector toward the low-carbon economy. The bill, which was tabled in June 2023, is currently at the committee stage in the House of Commons.
Despite these objectives, both Alberta and Saskatchewan have expressed opposition to related legislation. Alberta Premier Danielle Smith has made it clear that her province will not cooperate in phasing out its oil and gas industry and workforce, while Saskatchewan Premier Scott Moe has stated that he will not implement Bill C-50. The federal Conservative opposition has also expressed concerns about the potential impact of this legislation, labeling it a “job-killing plan.”
Ms. Freeland also mentioned the elusive nature of the green industrial transformation and undisclosed meetings she held at the WEF Davos meeting this year. She recounted a conversation with a significant international business leader who warned about the potential impacts of the economic transition, emphasizing the need to avoid decarbonization leading to de-industrialization. She assured that the government is committed to ensuring decarbonization creates more jobs, growth, and manufacturing and has earmarked approximately $120 billion for policies pursuing the industrial transformation. Additionally, the Liberal government is working to fulfill the WEF’s objective of a “Fourth Industrial Revolution” through the Agile Nations network, aiming to streamline regulations across countries to facilitate the proliferation of new technologies.