Commodities
Canada, British Columbia Sign Prosperity Pact Backing Major LNG, Energy Projects
Canada and British Columbia signed a new cooperative prosperity agreement to accelerate major energy, mining, and trade projects, backed by billions of dollars in public investment, the Prime Minister of Canada said in a press release Thursday.The agreement will speed development of key energy corridors across British Columbia, including LNG Canada Phase 2, Ksi Lisims LNG, Cedar LNG and Woodfibre LNG. The federal government will work with project developers, communities and First Nations to fast-track permitting, financing and construction.The federal government will provide $3.9 billion through various funding tools for the first two phases of the North Coast Transmission Line. The project could generate $10 billion in economic activity and reduce emissions by up to 3 million tons annually.The transmission line will support a clean-energy corridor linking British Columbia and the Yukon via a proposed grid connection, while a potential Alberta interconnection could enhance electricity reliability and sustainability.Both governments said the projects will move forward in partnership with First Nations, creating new opportunities for Indigenous ownership and long-term economic participation.The agreement also includes environmental measures, including a National Carbon Credit Framework, a $250 million investment in whale protection announced in the Spring Economic Update, stronger coastal ecosystem safeguards through the Oceans Protection Plan, and continued enforcement of the federal North Coast tanker ban.The agreement also includes investments in the Red Chris Mine expansion, the Port of Vancouver-Roberts Bank trade corridor, the George Massey Tunnel replacement and the ports of Prince Rupert and Stewart to strengthen critical minerals production, trade infrastructure and export capacity, the government said.To support the projects, the federal government will recruit, train, and certify up to 100,000 Red Seal trades workers through its Team Canada Strong initiative. It also plans new measures to strengthen British Columbia's softwood lumber sector and simplify access to fiber."Canada and British Columbia are broadening and accelerating major energy projects and trade corridors, protecting our land, wildlife, and waters, giving workers the support and opportunities they need to help build a strong Canada," said Mark Carney, Prime Minister of Canada.