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Release: LNG Canada investment marks a clean start for economic growth
Posted Oct 2, 2018
October 2, 2018 (Vancouver, BC) - The Business Council of British Columbia today welcomes the LNG Canada joint venture participants’ final investment decision to build an LNG export facility in Kitimat. This significant announcement, along with yesterday’s news of a renewed NAFTA, marks a clean start for the economies of British Columbia and Canada, and will secure and create thousands of jobs across the province and country.
“These two announcements are emblematic of two important truths: market access, and competitive, regulatory certainty are necessary if we are to attract investment that supports a growing, prosperous, job-creating economy,” said Greg D’Avignon, President and CEO, Business Council of British Columbia. “These are generational opportunities that will strengthen Canada’s position in a globally competitive economy.”
LNG Canada’s investment of this historic magnitude in Canada is in part due to provincial and federal governments’ support for competitive economic and regulatory conditions while maintaining our high environmental standards. This outcome also reflects trust and partnership with Indigenous peoples that will help ensure certainty for the project’s construction and operations over the long run. The project also serves as an example of the competitive requirements all industries need to invest with confidence and create high quality jobs and prosperity for companies, communities and people across the province.
A robust LNG sector will enable B.C. to export our world class natural gas reserves to meet significant global demand, which is expected to grow by 45% through 2040. Unlocking this collective natural asset will increase its value for our province and deliver it to global markets.
British Columbia’s LNG will also be the cleanest, lowest carbon-intensive natural gas available in the world. With 98% of electricity in the province derived from renewable sources, B.C. is positioned to produce lower-carbon resource and manufactured products, including upstream and downstream natural gas. This presents an opportunity for British Columbia and Canada to be a preferred global supplier as the world shifts to a lower-carbon economy.
“Climate change is not an issue that British Columbia can tackle within our provincial boundaries alone. By exporting our lower-carbon products to displace higher carbon-intensive products, such as coal, in high-consuming countries like China, we have an opportunity to contribute to meaningful global GHG reductions,” said D’Avignon. “Canada is responsible for 2% of global emissions while China contributes over 30% of global emissions as they produce consumer goods for global consumption. B.C. can play a role in shifting the necessary energy and inputs into these goods to lower-carbon alternatives.”
About the Business Council of British Columbia
Now in its 52nd year as the premier business organization in British Columbia, the Business Council of B.C. is a non-partisan organization made up of 250 leading companies, post-secondary institutions and industry associations from across B.C.'s diverse economy. The Council produces exceptional public policy research and advocacy in support of creating a competitive economy for the benefit of all British Columbians. bcbc.com
Cheryl Maitland Muir