Harnessing our Natural Resources to Create New Opportunities
The province is working to open up British Columbia's rich natural resources to create new jobs and opportunities in every region.
Revitalizing Forestry to Create New Jobs and Investment
Forestry is our province's number one industry, and the key engine of our economy. The province's Forestry Revitalization Plan is aimed at:
- Making more timber available on the open market, especially for smaller operators and value-added producers, to support innovation and job creation across the province.
- Providing more opportunities for First Nations to participate in forestry, including $95 million in revenue sharing and dedicating eight per cent of the allowable annual cut to First Nations.
- Investing $31 million in forest research, product development and marketing of B.C.'s first-class forest products and practices around the world.
Unleashing B.C.'s Energy Potential
British Columbia has a wealth of energy resources. The province's Energy Plan for B.C. is aimed at unleashing our energy potential. Key initiatives include:
- Establishing the BC Transmission Corporation to open up new opportunities for independent power producers across B.C.
- Launching a new Oil and Gas Development Strategy that, combined with tax credits and streamlined regulation, will create new jobs in B.C.'s oil and gas industry.
- Creating a team to work with communities, First Nations and the federal government to develop offshore oil and gas opportunities.
- Working to develop B.C.'s vast coalbed methane resources by implementing a competitive royalty regime and providing certainty for investors over coalbed methane rights.
Increasing Mineral Exploration
Creating new opportunities in mining begins with exploration. Provincial initiatives to open up new mineral exploration include:
- Cutting red tape and implementing new tax credits that have helped almost double mineral exploration in two years.
- Establishing a new two-zone mining land use designation that clearly identifies where mining is and is not permitted in B.C., helping provide the land-base certainty that investors need.
- A $2.1-million program to provide geoscience surveys of under-explored areas that will help investors identify new mining opportunities.
Strong, Science-Based Environmental Management
The province is committed to strong, scientific and sustainable management of B.C.'s abundant natural resources. Key initiatives include:
- Introducing a new results-based forest practices code that encourages environmental innovation by forest companies and dramatically increases penalties for non-compliance.
- Committing to deriving 50 per cent of B.C.'s new electricity supply over the next decade from clean energy sources.
- Expediting land-use planning to provide the greater land-base certainty investors look for while also accelerating decisions on the protection of important wildlife habitat areas.