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.
In the Shadow of the Boom
However, the report, commissioned by the Canadian federal and Alberta provincial governments, acknowledges that the economic benefits of oil production in the tar sands hinges on continued global climate inaction.
Based on the 'New Policies Scenario' from the International Energy Agency (IEA), the Conference Board report, “Fuel for Thought: The Economic Benefits of Oil Sands Investment for Canada's Regions,” anticipates Canada and other participating countries will not achieve their 2009 Copenhagen Accord goal to keep global warming below 2 degrees Celsius. Projected growth in the tar sands is consistent with at least 3.5 degrees of warming.