Between David Eby's promises, new foreign investment, and the progress made in Prince George, last week was a great one for natural resources.
Last week was a great one for BC’s natural resource sector with several big developments showing off the sector’s resilience, innovation and potential. From major LNG investments to leaders gathering in Prince George the province showed why it’s still a powerhouse of resource development.
Premier David Eby’s recent op-ed in Business in Vancouver outlined his government’s plan to grow the economy through natural resources. Eby acknowledged the challenges the province faces – global inflation, supply chain disruptions and labour shortages – but was optimistic saying BC is well positioned to succeed because “we have abundant low-carbon natural resources the world needs – clean energy to power a growing economy and critical minerals for new technologies.”
Eby called for reducing red tape and speeding up permitting in key sectors like natural gas and forestry. He also highlighted the importance of projects like LNG saying “growing our economy is how we generate the wealth to deliver on the things British Columbians care about.”
That vision of economic growth was backed up by big news from the LNG sector in the same week.
On January 14 Western LNG announced it had secured over $150 million in private investment to fully fund the development of the Ksi Lisims LNG project and the Prince Rupert Gas Transmission (PRGT) pipeline to FID later this year. That brings total private investment in these projects to over $265 million.
The Ksi Lisims LNG project, co-developed with the Nisga’a Nation, will be a world leader in low-carbon LNG production powered by renewable hydroelectricity. Western LNG’s President and CEO Davis Thames said the project “meets Canada’s tough environmental standards and will help meet global energy needs while driving local prosperity.”
This shows investors are confident in BC as a place for responsible energy. It also shows growing recognition of Indigenous partnerships in resource projects with the Nisga’a Nation at the centre of both the Ksi Lisims LNG and PRGT pipeline.
Prince George was at the centre of BC’s natural resource discussions this week with the BC Natural Resource Forum (BCNRF) and the inaugural Future Fuels Forum (FFF) bringing together leaders, thinkers and innovators from across Canada to talk about resource development and clean energy.
The BCNRF, Western Canada’s largest multi-sector resource conference, was themed “Purpose, Partnerships, Prosperity”. The forum looked at the interplay between economic and social impact and the need for collaboration between First Nations, government and industry. Speakers included Nisga’a leader Eva Clayton and BC’s Minister of Energy and Climate Solutions, Adrian Dix.
The FFF, held at the House of Ancestors, featured the latest energy technologies such as hydrogen corridors and synthetic diesel from woody biomass. Prince George Mayor Simon Yu said “this will help grow industry in the area, create jobs, economic growth and public private partnerships.”
This week’s news shows BC’s natural resource sector is adjusting to the new world. From Eby’s focus on economic growth and reducing red tape to the LNG and clean energy breakthroughs, BC is showing it can balance environmental responsibility with economic opportunity.
As Eby wrote “BC has a strong and diversified economy less exposed to the US than other provinces. We have everything we need to succeed in the new world”. With more investment, collaboration and innovation BC’s natural resource sector will deliver prosperity for generations to come.