An economic deal between Canada and British Columbia that was unveiled in Vancouver on Thursday describes commitments that Prime Minister Mark Carney says will help unlock more than $200 billion in new investment.
Here are some key points of the Canada-British Columbia Cooperative Prosperity Agreement.
NEW PIPELINE
The MOU says the northern oil tanker ban will remain in place and unchanged, meaning that any pipeline proposed by Alberta would have to take a southern route. It acknowledges that "B.C. does not seek this project." B.C. must get a meaningful share of any economic benefits, including a possible annual royalty.
LNG
The federal government will work to accelerate the permitting, financing, and construction of LNG projects in British Columbia. These include the massive second phase of the LNG Canada facility in Kitimat, Ksi Lisims LNG, the Prince Rupert Gas Transmission Project, Cedar LNG, and Woodfibre LNG.
TRANS MOUNTAIN PIPELINE
The deal says B.C. recognizes Canada’s interest in boosting throughput at the Trans Mountain Pipeline that carries Alberta oil to Burnaby, B.C., from 890,000 barrels per day to 1,190,000 barrels per day.
NORTH COAST TRANSMISSION LINE
Carney says the agreement means $3.5 billion in federal funds for the North Coast Transmission Line to deliver electricity to communities and projects in the region. The MOU says the power line is "foundational infrastructure" for Canada's critical mineral ambitions.
RED CHRIS COPPER MINE
The MOU says Canada will contribute to expanding the Red Chris Mine in northwest B.C. and Carney says the federal government will invest $500 million with a goal of boosting national copper production by more than 15 per cent.
PORT OF VANCOUVER AND ROBERTS BANK CORRIDOR
The MOU says the transport corridor involving the Port of Vancouver and the Roberts Bank Terminal is essential to connect Canada with the world's fastest growing markets. Carney says the federal government will contribute to a $10 billion upgrade of the Roberts Bank container terminal to help unlock $100 billion in new trade capacity, while adding about $3 billion to Canada's economy each year.
GEORGE MASSEY TUNNEL
Canada is committing to supporting up to one-third of capital costs, up to a maximum of $3 billion, to replace the Massey Tunnel and ensure efficient flow of goods along Highway 99 under the Fraser River. The contribution could include low-cost financing or credit facilities in addition to direct financial support.
NATIONAL CARBON CREDIT FRAMEWORK
B.C. and Canada will work with other provinces and territories on developing a national carbon credit framework. This would include use of credits generated through "consumer sustainability choices, such as retrofits and EVs, and nature-based solutions."
TIMING
Immediate financial commitments are being made on the Red Chris Mine, the Massey Tunnel replacement and the North Coast Transmission Line. Other agreements kick in by Dec. 1, or June 1 next year.
Picture Courtesy: THE CANADIAN PRESS/Ethan Cairns
