Absolutely. We can learn a lot of lessons from Alberta when it comes to diversification.
The former finance minister for Alberta, Ron Liepert, said that Alberta has a problem, that they want to get off the oil revenue roller coaster. Right now, 30% of their provincial budget comes from oil resources. That pays for teachers, schools, and doctors. That's causing Alberta to have the worst track record in Canada for meeting its budget targets. It's a highly volatile resource that they have no control over.
The best idea is to put those resource revenues off the table so you're not overexposing the economy to the volatility of the oil market. There are ways you could do that. You could set up a savings fund. Alberta has. You could do that federally as well. It's not just something Pembina has recommended. Ms. Drohan's report recommended it as well. The OECD has also recommended it. It's not just a green idea.
Right now federal corporate income taxes from the oil and gas sector amount to around $3 billion, which is a very small fraction of the federal budget. It's not a whole lot, but as the oil and gas sector grows in the country, that amount will also increase, which will start to shield the economy from that sort of volatility. So I think that's one lesson you could learn.
Another one is straight from the province's Emerson report. The Premier's Council for Economic Strategy released a report, quite a good report coming out of the Stelmach government, that warned Albertans to plan for the day when they have all the heavy oil in the world to sell but no one willing to buy it. That speaks to not just the product, but the value-added component of the industry as well.
It's important to diversify outside that particular energy product and look at the other things that are growing. As Tim suggested, renewables are accounting for 50% of new energy investments. That's a phenomenal amount. That's seeing growth in all sorts of emerging and advanced economies. That's something that Alberta and Canada can certainly get on with.