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BCBC applauds PNW LNG Decision
The Business Council of British Columbia welcomes today’s approval of the $11.4 billion Pacific Northwest LNG processing plant by the Federal Government, which comes after a thorough environmental assessment process.
“This decision paves the way for Canada to compete in the international LNG market while continuing our climate leadership on a global scale,” stated Greg D’Avignon, President and CEO, Business Council of British Columbia. “We have an opportunity to facilitate the transition to lower carbon economies both at home and abroad by extracting and transporting natural gas under world-class, science-based environmental and safety standards to meet growing global demand.”
“The strength of Canada’s economy depends on our ability to export goods to global markets, particularly energy products which represent 10 percent of Canada’s GDP,” said Jock Finlayson, Executive Vice President and Chief Policy Officer, Business Council of British Columbia. “Today’s conditional approval is in the national interest and opens the door for up to $36 billion in total project investment, which, if finalized, will result in a significant boost to the BC and Canadian economies at a time when Canada’s economic performance is lagging.”
“This project has the potential to deliver economic benefits across the country, but particularly in the First Nations communities surrounding the project where meaningful partnerships will support economic reconciliation and lift the social and economic prosperity of First Nations peoples,” said D’Avignon.
While the Business Council will continue to advocate for clear, transparent decision making processes, today’s conditional approval sends a positive signal to global capital markets that Canada is open to opportunity and major investments.
About the Business Council of British Columbia
Celebrating its 50th year as the preeminent business organization in the province, the Council has a strong history of providing relevant public policy research and advice on issues to enhance BC’s competitiveness. Since its inception with founding Chair, JE Richardson, then CEO of BC Telephone Company, the Council has been fortunate to have as members major employers from across all sectors in BC’s economy who have played meaningful roles in building British Columbia.
Today, the Council is a source for insight on the BC and Canadian economies and how international trends and domestic policies are impacting our ability to compete in a global economy. Priority areas of focus include: environmental sustainability policies, economic reconciliation with First Nations, innovation, building a competitive tax and regulatory regime, supporting trade and market access, and the development and the attraction of a deep and diverse talent pool.