The B.C. government has launched a consultation looking for your input into the future of natural gas development in the province. Have your say on the British Columbia Royalty Review below, there are three ways you can take action!
1) Send an email using the pre-filled email form
2) Craft your own email using the facts below
3) Complete the feedback form and send an email, this is the most impactful option
B.C.’s review of natural gas and oil royalty should embrace the following principles:
1. Predictable and Stable: Investor confidence is a foundational
need for attracting and maintaining capital.
· Government must respect previous investments
which were made under the existing fiscal framework and consider only forwardfacing changes. Having a well-focused scope and clearly defined-timelineswill minimize risk for all parties concerned.
2. Competitive: Analysis must consider the comparative cumulative
costs of all taxes, regulation, and government policy relative to other
jurisdictions, including the competitive implications of CleanBC.
· In addition to government take, considerationneeds to be given to capital recovery timelines, internal rates of return,
stability and revenue risk.
3. Supports Clean and Inclusive Growth
· Recognition of the role of industry in stimulating economic recovery, providing value for all British Columbians, and contributing to reconciliation and CleanBC objectives.
· Leadership taken on climate and reconciliation
adds cost to operations in B.C. and constraints flexibility on other fiscal parameters relative to jurisdictions, without equivalent commitments, with which B.C. competes for capital investment.
BC’s Environmental leadership and competitive royalty regime has helped double natural gas production while absolute emissions have remained flat
Natural Gas Royalties are expected to increase 49.7% in 2021/22 mostly due to higher natural gas prices
More production means more jobs. In fact, employment in BC’s natural gas and oil sector has more than tripled since 2001
Oil and gas contributes $1378 to our economy per hour of employment. That is 26x the contribution of the average BC business sector.
Between 2020 and 2064 a liquefied natural gas sector (LNG) could generate nearly $78 billion in revenue for British Columbia
LNG will create 71,000 jobs in British Columbia
LNG is expected to be the largest revenue generating industry in BC with over $2 billion in annual tax and royalty payments
Around the world coal demand is growing, and BC LNG could replace coal
BC is developing some of the most environmentally, and socially responsible LNG in the world
Canada is the only country with a methane reduction target among the top oil and gas producers in the world
Natural gas and LNG development are a pathway to economic prosperity and opportunities for First Nations
LNG projects mean sustainable growth for indigenous people
If built, Cedar LNG will be the largest First Nations owned infrastructure project in history
Fill in the form to send the email below:
Thank you for the opportunity to provide a submission in support of the continued growth and development of British Columbia’s natural gas and liquefied natural gas industry (LNG). Responsible natural resource development is B.C.’s competitive advantage. We grow, develop, and produce what the world needs – and we do it well, with some of the planet’s most innovative and sustainable processes. Our leadership and commitment to protecting our environment has proven we can develop our resources sustainably, while growing our economy to become one of Canada’s strongest.
This review comes at a time when the world is facing an energy crisis that threatens our global economic recovery. A lack of investment in the development of natural gas and oil has constrained supply, causing a sharp increase in prices, and some countries to revert to coal to meet their energy needs.
We need to reduce emissions – but the world also needs reliable and affordable energy – denying this reality won’t help us reach our environmental ambitions. The natural gas we produce in B.C. is among the cleanest in the world, and the LNG we will produce will be among the world’s most sustainable. Our commitment to environmental excellence has helped double natural gas production while absolute emissions have remained flat. This is the type of real progress that will drive us toward lasting solutions.
While there are those who will use this process to discount the importance of natural gas to B.C.’s economic and social ambitions, the reality is B.C.’s highest labour productivity jobs are in natural resources. One hour of employment in mining and oil and gas extraction generates nearly five times the GDP of a job in the average business sector. Employment in natural gas and oil has more than tripled to more than 10,000 since 2001 – and with BC’s competitive advantages and a mature LNG industry – the sector has the potential to be among the province’s most significant job creators and revenue generators. These are capital intense, high-skill, and high-tech industries that support some of B.C.s highest-paying jobs. It is a fantasy to believe we can replace jobs in our most highly productive industries with jobs that generate less than half the value and still expect to meet our province’s economic, environmental, and social ambitions.
Supporting the sustainable growth of the natural gas sector is one of the most significant opportunities for B.C. to generate economic opportunities that support self-determination and reconciliation with Indigenous communities. Throughout B.C., First Nations are generating increased ownership stakes and other enterprise opportunities in natural resource development projects. These partnerships are creating prosperity and opportunity for First Nations across the province. As your government considers this review, it is imperative you consider the rights and wishes of those who want responsible resource development as equal to those who are opposed.
Ensuring a fair return on our natural resources is a delicate balance for any government – but in a world demanding increased energy and a global commitment to reduce emissions – it’s a balance we must get right. The result of this review of should ensure B.C. remains competitive with other jurisdictions, encourages the growth of the sector, recognizes industry’s environmental progress, and respects the rights and wishes of communities who support responsible resource development.
Thank you for the opportunity to provide a submission.
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