Alberta Premier Rachel Notley told a political and business audience in Toronto Friday that acting on climate change is the key to future prosperity in the resource sector.

Notley told the Empire Club of Canada in Toronto that if Alberta doesn't figure out a strategy that keeps capital in the province, a solution would be imposed by others that may not work as well.

"The province needs to act because doing so, quite frankly, is going to increasingly be the price of admission to those new energy markets that we know we must develop," she said. Notley added that acting "decisively" on climate change would allow discussions on key pipeline projects on their "own economic and environmental merits."

While Notley discussed how her NDP government plans to reduce Alberta's dependence on oil and gas revenues, she said the province is still open for business investment and vowed to be a partner with "job creators" and entrepreneurs.

She noted this is the first time in 44 years that Alberta has had a different governing party. But she tried to allay fears that the NDP would radically disrupt the economy.

"We are working very,very hard to make the transition as smooth as possible and to bring as much economic stability and certainty to our province as we can while we implement our plans to address these challenges," she said.

Notley said any changes recommended in the royalty review will be public by the end of 2015. Energy companies will have until January 2017 to prepare for any change.

"The time is past due, long overdue for the government of Alberta to return to a responsible, long-term approach to collecting and investing our royalty wealth and we stop being the farmer who pays for his groceries by selling the farm's topsoil."

Notley is in the final day of a five-day tour of Eastern Canada and the United States.

She addressed the Montreal Board of Trade on Monday. She then travelled to New York City to meet with business leaders.

On Thursday, Notley met with Ontario Premier Kathleen Wynne. Notley told the Empire Club audience Wynne accepted her invitation to visit Alberta with a delegation of business representatives.