Towards a post-oil Alberta

Alberta has the third largest oil reserves in the world, after Saudi Arabia and Venezuela. In early 2015, profits from the oil sands made up about 5% of Canada’s GDP Canada’s highest incomes are found in the heart of oil-sand-country. However, Alberta’s real GDP contracted over 3.5% each in the years 2015 and 2016 due to the fall of oil prices. What does this experience tell us about contractions expected as a result of decarbonisation?