Much has been made of the havoc wreaked upon the Canadian economy by the crash of global oil prices. No surprise — that’s what happens when you hook your wagon to the commodities see-saw.
More of the same is likely, due not to the glut of oil but because national and global markets are increasingly buying constant-price renewables and efficiency. Bloomberg New Energy Finance reported that 2015 saw a new record for global clean energy investment, reaching over a third of a trillion US dollars.
This is due to simple economics. Renewable energy is fundamentally different from energy commodities because it is driven by technology, which follows a predictable price pattern — it gets cheaper over time. It also means good jobs. In BC alone the tech sector employs over 86,000 people while paying an average wage 60 per cent higher than the industrial average.
Time for Canada to un-hook from the oil and gas roller-coaster ride.
Paul Grace-Campbell, Kaslo