Mr. Rubin discussed how previous predictions that Canada may become an energy superpower with its rich oil sands, may no longer be economically relevant, given the global energy market, decline in oil prices, and climate change.
Instead, he said part of Canada’s economic future may lie in agriculture.
He said Canadian prairie farmers, who typically grow wheat and canola, may soon start growing corn — a new possibility with warming temperatures. He said we might see a 20 fold increase in corn production in the next decade on Canadian farmland.
We just might find that in a world of climate change, instead of being an energy superpower, we may become one of the world’s breadbaskets, said Mr. Rubin.
Also, he said, bilateral trade with the United States will be a growth opportunity for Canada in the coming years. He said the devaluation of Canadian currency against the US dollar will provide important trade leverage.
After his remarks, Mr. Rubin separately offered the following insights on the future of the Canadian economy:
“We’re talking about a greener world. It’s going to be important to be able to decarbonize (the Canadian) economy, because I think that’s going to be a key to global competitiveness in an emission-constrained future, that is likely to fall out from these upcoming Paris climate talks.”