Two weeks ago, business leaders from across British Columbia came together and showed resounding support for the responsible development of pipeline infrastructure, specifically, the Trans Mountain Expansion Project. At the BC Chamber of Commerce Annual General Meeting, members passed a policy highlighting the economic importance of building pipelines, provided they meet stringent environmental review conditions.
The passed policy, entitled, “The Importance to the Economy of Expanded Oil Pipeline Infrastructure” calls on the provincial government to:
- Continue supporting a responsible framework for resource development that includes world class safety measures both on land and offshore.
- Provide clarity on BC’s Five Conditions so that they encourage capital investment.
- Engage Chambers and other organizations to maximize economic benefits and commercial opportunities for local and First Nations communities.
The Trans Mountain Expansion Project would bring a number of key economic benefits to British Columbia, Alberta and the rest of Canada. The proposed expansion would entail a direct capital investment of $ 5.4 billion. As a result, Canadian GDP is forecasted to receive a $ 4.9 Billion dollar boost during construction and a $ 13.3 billion dollar boost to GDP in the first 20 years of operation. At the peak of construction the Project will provide 4,475 direct construction jobs alone. The total benefits in taxes and royalties attributable to the Project by 2037 are conservatively estimated at some $15 billion.
Read the News Release by the B.C. Chamber in support of the Project here.
For more information about the economics behind the project watch our economic benefits video.
