Conference Board of Canada: Economic Benefits of Tar Sands Hinge On Climate Inaction

By 2035 operators in Alberta's tar sands expect to produce 5 million barrels of the world's most environmentally dirty and energy intensive oil per day. Current daily production hovers around 2 million barrels. According to a recent Conference Board of Canada report, projected expansion of the tar sands will require roughly $364 billion in investment over the next 25 years and will create significant economic benefits for both Canada and the US.

"Key factors contributing to the decline in this scenario include the international agreement on rising fuel economy standards for personal vehicles, shipping, and aviation; the complete phase-out of fossil fuel consumption subsidies (except in the Middle East); and the extension of CO2 pricing through taxes or exchange trading schemes to all OECD countries and major emerging market emitters, such as China, Russia, Brazil, and South Africa."

"they acknowledge that demand for expensive, high-carbon oil from the tar sands would drop dramatically if the world were to adopt policies consistent with keeping warming below 2 degrees. The Conference Board, however, says this is unlikely to happen, yet ignore that by advocating for rapid expansion of the tar sands they are making it even more unlikely."

“If we invested $364 billion in green energy, we would create even more jobs without fueling the climate crisis. Buried in the Conference Board’s report is an acknowledgement that the benefits they claim from tar sands expansion largely disappear if the world succeeds in avoiding catastrophic levels of global warming. There are no good jobs on a dead planet, so the question Canadians should ask themselves is: do we want to bet our economic future on a plan that would devastate our environment?”