When Finance Minister Nate Horner boards his flight to Europe next week, he’ll be carrying more than just his briefcase. He’s packing Alberta’s economic story—one that his government believes deserves a bigger international audience.
“You can’t just send an email and expect global capital to flow in,” Horner told me during a pre-trip interview from his Edmonton office. “These relationships require face time, especially when we’re competing against jurisdictions from around the world.”
The eight-day investment promotion tour will take Horner through London, Frankfurt, and Zurich—financial hubs where Alberta hopes to capture attention from institutional investors looking for stable returns in an increasingly unpredictable global landscape. With over $18 billion in foreign direct investment flowing into the province last year, according to Statistics Canada data, the government sees potential to substantially increase that figure.
Behind this European mission lies a calculated economic strategy. Alberta’s GDP growth led Canadian provinces at 3.2% last year, but the government’s own projections suggest this momentum requires broader investment sources beyond the traditional energy sector. The mission aims to highlight five specific sectors: hydrogen production, carbon capture technology, critical minerals, agriculture technology, and financial services.
“We’re sitting on some of the world’s most promising hydrogen production potential,” explains Horner. “But building that industry requires patient capital that understands decade-long investment horizons. That’s exactly the profile of many European institutional investors.”
The investment landscape Horner enters has changed dramatically since Alberta’s last major European outreach in 2019. Interest rates have climbed from near-zero to multi-year highs, energy security concerns have intensified following Russia’s invasion of Ukraine, and the race for critical mineral supply chains has become increasingly competitive.
According to the Conference Board of Canada‘s latest provincial outlook, these factors have combined to create what they call a “window of opportunity” for resource-rich jurisdictions that can demonstrate both regulatory stability and environmental credibility.
“European investors, particularly in Germany and Switzerland, are increasingly focused on jurisdictions that can show a credible path to balancing resource development with climate commitments,” says Patricia Mohr, veteran commodity market specialist and former Scotiabank economist who has advised several provinces on investment attraction. “The days of simply promoting low tax rates are over.”
The province’s delegation includes representatives from Alberta’s Investment and Growth Fund, along with executives from Calgary-based energy transition companies seeking expansion capital. What’s notable is who isn’t coming—traditional oil producers are conspicuously absent from the official delegation list.
This signals the province’s evolving narrative. While oil and gas still generates nearly 30% of Alberta’s GDP according to provincial figures, Horner’s team is deliberately showcasing what they call “next-generation resource opportunities” that align with European environmental, social, and governance (ESG) investment criteria.
Calgary Economic Development has prepared specialized pitch decks for each European market on the itinerary. The presentations emphasize Alberta’s emerging carbon capture corridor—a project that aims to sequester millions of tonnes of carbon dioxide annually—and the province’s critical mineral deposits, which include lithium reserves that could support battery production chains.
“We’re not just selling resources anymore,” says Horner. “We’re positioning Alberta as a solutions provider for Europe’s energy transition and security challenges.”
The tour faces headwinds beyond Alberta’s control. Global financial markets remain volatile, with the European Central Bank navigating complex monetary policy decisions. Meanwhile, upcoming elections in several European countries have made policy continuity uncertain, potentially complicating long-term investment decisions.
Some observers question whether Alberta can effectively shift its international reputation from oil sands producer to clean technology hub. “There’s still a perception gap to overcome,” acknowledges Rachel Samson, Clean Growth Research Director at the Canadian Climate Institute. “But bringing concrete projects with both economic and environmental benefits could help bridge that divide.”
The province points to early success stories as evidence their approach works. Last year, German industrial giant Heidelberg Materials announced a $1.4 billion cement plant modernization near Edmonton, featuring next-generation carbon capture technology. Danish investment fund Copenhagen Infrastructure Partners has also committed substantial capital to hydrogen production facilities near Medicine Hat.
Measuring the mission’s success won’t be straightforward. While signed memorandums of understanding make for good press conferences, the true test will be capital commitments that might take months or years to materialize. The Finance Ministry has established internal metrics targeting $5 billion in new investment commitments within 18 months of the tour.
For communities across Alberta, these investment missions carry real stakes. In Lethbridge, where agricultural technology companies have established a growing hub, economic development officer Trevor Lewington sees European investment as critical to scaling local innovations. “We have the technical solutions and early commercial validation,” he says. “What we need now is growth capital from investors who understand both agriculture and technology.”
As Horner prepares his pitch to European boardrooms, he’ll be balancing confidence with realism. Alberta’s economic fundamentals show promise—low provincial debt, a young workforce, and abundant resources needed for energy transition. Yet competition for global capital has never been more intense, with American states offering massive subsidies through the Inflation Reduction Act and developing economies touting lower costs.
“We don’t need to be everything to everyone,” Horner concludes. “We just need to connect with the right investment partners who see what we see in Alberta’s future.”
When the minister returns home in early June, the real work begins—converting handshakes and business cards into term sheets and investment agreements. In today’s economy, the distance between promise and performance often determines which regions thrive and which merely survive.
