The government decided not to save more of Alberta's oil and gas royalties in the Heritage Fund for the future.
This bill will charge the government to save a specified percentage of nonrenewable resource revenue. It will charge this government to immediately strengthen the Alberta heritage savings trust fund. Nonrenewable resource revenue should not be treated as a right. It is not a right that was promised to us, and it is not a right that will continue to flow forever. The federal government intends to phase out carbon emissions, which means that saving now has become more important than ever.
The time has come when we must commit more of this wealth to the future of Alberta. This bill asks the government to introduce a bill of their own that gives effect to the contents of Bill 201. Bill 201 outlines the savings of 25 per cent of nonrenewable resource revenue into the heritage trust fund until the fiscal year where operational revenue is projected to exceed operational expenses. For the next fiscal year that percentage increases to 50 per cent for that year and every subsequent fiscal year after that.