BCBC Statement on B.C.’s Look West Update

Today, the Province announced that $88 billion in proposed major projects are expected to move forward over the next three years, largely in the mining and energy sectors.  

To put this in perspective, the four mega-projects (Site C, LNG Canada Phase 1, Coastal GasLink, and Transmountain expansion) that helped the B.C. economy grow faster than the rest of Canada between 2015 and 2024 represented capital spending of close to $100 billion.  

We welcome the Province’s focus on British Columbia’s natural resources and the role they play in attracting investment, supporting jobs, and diversifying our markets. Advancing resource projects, including the new priority projects announced today, represent a positive step for B.C.’s economy, which is in serious need of stronger private-sector growth.  

BCBC further supports the government setting a target to attract $200 billion of new investment over the next ten years in its Look West strategy and updating progress towards that goal. We strongly encourage a clearer breakdown of how much of the $88 billion has crossed the finish line as a final investment decision and how much still has some uncertainty associated with its proceeding.  

We also caution there are still serious headwinds working against investment in the province, including ongoing uncertainty related to DRIPA, along with concerns about B.C.’s fiscal position, including large deficits and multiple credit downgrades.  

While today’s news is good, much more work will be needed to improve B.C.’s investment climate and strengthen the economy for the long-term.