For Immediate Release
January 11, 2017
VANCOUVER, B.C. — The Greater Vancouver Board of Trade welcomes today’s announcement that the Province of British Columbia has granted environmental assessment approval to the Trans Mountain Expansion Project and that the Province’s five conditions for the project have been satisfied.
In particular, the Board of Trade applauds the unprecedented agreement between the Province and Kinder Morgan, which will see the company pay upwards of $1 billion to the Province over the next 20 years. That money will be re-invested by the Province in environmental initiatives and handed out to community groups working to keep B.C.’s shorelines clean.
“This is a big win for British Columbia,” said Iain Black, President and CEO of the Greater Vancouver Board of Trade. “The Provincial Government engaged in this process in a way that has never been done before, setting out principled objectives and establishing five conditions to ensure that B.C.’s coasts are protected and our economy is strengthened. Those conditions have led to a $1-billion investment that will benefit British Columbians across the province for the next two decades.”
The Greater Vancouver Board of Trade has been an advocate for the project for several years, citing the project’s economic benefits for B.C. and Canada. In late November 2016, the organization applauded the federal government for giving a green light to the project, given the national importance of the decision.
“Here in Greater Vancouver alone, the project is expected to generate more than a billion dollars in construction spending, create thousands of high-paying jobs, and help attract new investment to our region,” said Black. “Today marks an important milestone and a step forward for a game-changing national infrastructure project, and we give credit to all parties who have worked together to this point, particularly the federal and provincial governments.”
In 2014, the Greater Vancouver Board of Trade applied and was granted Intervenor status in the National Energy Board regulatory process for the Trans Mountain Expansion Project. As Intervenors, the Board of Trade brought forward our perspective regarding the importance to B.C. and Canada of energy infrastructure development, on the condition that we do so responsibly and to the highest international standards of marine and land safety.
The Greater Vancouver Board of Trade firmly believes that the responsible development of market access for Canadian crude oil is of national importance. The current lack of "midstream" infrastructure has turned Canada into a supplier held captive by our only customer (the United States), which costs our national economy an estimated $50 million dollars each day.
By ensuring Canadian oil has access to tidewater, the Trans Mountain Expansion Project will extend Canada's reach into new markets with customers who pay higher prices, generate thousands of high-paying jobs, and create billions of dollars in government revenue for both the country and British Columbia.
The Board of Trade also believes the federal government’s $1.5-billion Oceans Protection Plan will lead to world-class marine safety here in British Columbia, enabling us to protect our coasts while also getting Canada’s natural resources safely and responsibly to world markets.
About the Greater Vancouver Board of Trade:
Since its inception in 1887, the Greater Vancouver Board of Trade has been recognized as Pacific Canada’s leading business association, engaging members to impact public policy at all levels of government and to succeed and prosper in the global economy. With a Membership whose employees comprise one-third of B.C.’s workforce, we are the largest business association between Victoria and Toronto. We leverage this collective strength, facilitating networking opportunities, and providing professional development through four unique Signature Programs. In addition, we operate one of the largest events programs in the country, providing a platform for national and international thought leaders to enlighten B.C.’s business leaders.