LNG Development Expected to Bring Billions for New BC Prosperity Fund, Canada
Premier Christy Clark announced the establishment of a new British Columbia Prosperity Fund to ensure communities, First Nations and all British Columbians benefit from the development of a new liquefied natural gas (LNG) industry.
“The safe recovery and export of our abundant supply of natural gas presents an opportunity for prosperity unlike anything we have ever seen before,” said Premier Christy Clark. “British Columbians can secure tens of thousands of new jobs for decades to come by developing this clean energy resource, and protect this new wealth for the benefit of all of us today, as well as our children and their families, tomorrow.”
Billions-of-dollars in new revenue will be dedicated to the B.C. Prosperity Fund. A key priority will be to eliminate the provincial debt over time, reduce the cost burden on B.C. families through further tax reductions, and make long-term investments in the services that people depend on, such as health care, education, employment and vital infrastructure.
“Our LNG industry is quickly developing. Large industry players are investing millions of dollars now to prepare for the opportunity ahead,” said Energy, Mines and Natural Gas Minister Rich Coleman. “We owe it to British Columbians to create the greatest economic return possible, so we can ensure this opportunity delivers benefits to our citizens for generations.”
LNG development is poised to trigger approximately $1 trillion in cumulative GDP within British Columbia over the next 30 years and that means more than $100 billion will flow directly to the Prosperity Fund.
Provincewide, LNG is expected to create on average 39,000 annual direct, indirect and induced full-time jobs during a nine-year construction period. As well, there could be as many as 75,000 full-time jobs required once all LNG plants are in full operation.
LNG is a globally established industry and British Columbia is not the only jurisdiction looking to take advantage of the energy demands in Asia. As a result, the Province and industry are working without delay to capitalize on the growing demand for British Columbia’s resources overseas.
Through ongoing discussions with industry proponents, communities and First Nations, government is focused on developing the world’s cleanest LNG industry. Negotiations between government, BC Hydro and industry are progressing in an effort to determine the power-supply arrangements for each facility.
The British Columbia Prosperity Fund is the latest step by government to secure benefits from B.C.’s abundant supply of natural resources.
Last week, a one-year update to government’s LNG Strategy was released, detailing the progress made to develop since the introduction of the BC Jobs Plan.
LNG World News Staff, February 13, 2013; Image: gov.bc.ca