The agriculture sector will rise in importance in coming decades as the world warms and moves away from fossil fuels.
That’s the most recent prediction from Jeff Rubin, former chief economist for CIBC World Markets, whose latest book, The Carbon Bubble, forecasts a not-so-distant future in which climate change will open up the possibility for cultivating crops, historically grown in places like Kansas and Iowa, much further north. At the same time, Rubin argues, global dependence on fossil fuels will drop, freeing up capital to migrate to crops like corn and soy.
“There could be some tremendous opportunity for Western Canada, in the same provinces that are likely to be victims of the carbon bubble,” Rubin told DeSmog Canada. “Food is the only real sector in the commodity field that has been resilient, that’s kept its pricing power. You could argue that just that alone is sufficient.”
Agriculture has always played a major role in Canada’s economy. Rod MacRae, associate professor of environmental studies at York University and national food policy expert, notes the food sector trails directly behind energy and automobile manufacturing, employing one in every eight Canadians.