Alberta Premier Danielle Smith, along with Finance Minister Nate Horner, announced on Wednesday a plan to grow Alberta's Heritage Savings Trust Fund to $250 billion by 2050.
The plan aims to lower Alberta's dependence on energy revenue, providing a more stable financial base for the province's future as oil and gas production tapers off in the coming decades.
“Albertans deserve a Heritage Fund they can rely on – one that is focused on creating long-term growth and financial stability," said Smith.
"We owe it to future generations of Albertans. The new Heritage Fund will lessen our dependence on natural resource revenues, diversify our economy, and create both wealth and prosperity for generations to come.”
The balance of the Heritage Fund is around $25 billion.
The province has committed to deposit $2 billion for 2024.
“Our plan to grow the Heritage Fund is about securing Alberta’s financial independence and providing stability for our children and grandchildren and building a lasting legacy for all Albertans,” said Alberta Finance Minister Nate Horner.
To help achieve the goal, the province has created the Heritage Fund Opportunities Corporation to govern and increase all Heritage Fund assets.
Going forward Alberta will increase the Heritage Fund through a significant focus on opportunities that maximize growth while supporting technology, energy and infrastructure.
Alberta will work with stakeholders and investors around the globe to access significant opportunities and return new ideas to the province.
Alberta's Heritage Savings Trust Fund was created in 1976 by then-Premier Peter Lougheed.
It was established to save some of the province's oil and gas revenue for future generations, ensuring the wealth from non-renewable resources could benefit Albertans long after the resources diminish.
The idea was to diversify the economy, provide stability against fluctuating oil prices, and fund long-term initiatives for the province's growth and well-being.