Economics

According to a report commissioned by TransCanada and written by Deloitte, Canada’s entire oil & gas sector accounts for only 4.2% of Canada’s GDP. In contrast, federal data from 2012 indicates that 10 of the 20 sectors represented in GDP figures contribute more to Canada’s GDP than the oil and gas sector. The three largest of Canada’s sectors are real estate (12.5%), manufacturing (10.6%) and construction (7.1%).

Deloitte’s report indicates that the province of Manitoba is projected to see only 5% of the GDP benefit of Energy East, 4% of estimated 30,616 jobs created during the development and construction phase (2013-2018), and 6% of the estimated 4,252 new jobs for the operations phase (2018-2058).

Deloitte also indicates that Canada’s oil and gas sector contributes 550,000 direct & indirect jobs in Canada. This same sector receives approximately 1.3 billion dollars a year in taxpayers money from the federal government.

According to Blue Green Canada, this $1.3B is directly responsible for 2,340-2,860 jobs. This same $1.3B, if invested in developing renewable energy, could produce 18,000-20,000 jobs. Blue Green also points out that globally, investment in renewable energy is now outpacing investment in fossil fuel infrastructure. The renewable energy workforce is set to grow substantially in the years ahead, and by investing so heavily in fossil fuel infrastructure, Canada risks being left behind. Blue Green also cites a National Roundtable on the Environment and the Economy study that found that without new policies, Canada is missing out on a $60 billion domestic market in low-carbon goods and services, which could provide over 400,000 jobs.

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