The trillion dollar charade has ended and the sparkle ponies are pissed. Not that the whole thing was anything but a big lie from the start, created to save a desperate Liberal party that worried it was headed for defeat at the 2013 polls.
Sustaining the fantasy cost taxpayers a massive sum of money and put BC’s so-called free enterprise coalition in bed with private and foreign government-owned corporations, a few controlled by individuals with appalling records.
Taxpayers were also on the hook for the huge sums paid Liberal Party hangers-on.
— theBreaker.CA (@theBreakerNews) July 25, 2017
Today’s announcement by Malaysia’s state owned energy conglomerate makes clear what many voices in alternative media have been saying for some time. A basic understanding of market economics was the only skill needed but that ignores cultural barriers and environmental problems, which were significant.
The following arrived in my email today.
The Pacific NorthWest LNG project is dead.
Karen Tam Wu, acting B.C. director at the Pembina Institute, made the following statement:
“The Pacific NorthWest LNG project would have been one of the largest carbon polluters in Canada. With today’s announcement that Petronas will no longer pursue the project, British Columbia can truly move forward on the path to clean growth and seize untapped economic opportunities in all parts of the province.
“Petronas and its partners cited shifts in the energy sector as key to their decision. Indeed, LNG demand and prices have fallen as the world transitions to renewable sources of energy. We now have an important opportunity to ensure B.C. is not left behind as the global economy shifts and the costs of a changing climate begin to mount.
“Across B.C., communities have stood up and said LNG development doesn’t fit with their vision for a prosperous economy. The cancellation of this project highlights the need for B.C.’s new government to act quickly to stand up for healthy and safe communities, grow sustainable resource sector jobs, build a strong clean tech sector, position B.C. to be competitive in the changing global economy, and make clean choices more affordable.”
The following is from an In-Sights article from a few years back. Had things gone according to Liberal promises, we’d have already accrued $38.5 billion of the hoped-for $260 billion in LNG revenues.
February 13, 2013, three months before her first general election as Premier, Christy Clark announced:
…the new British Columbia Prosperity Fund to ensure communities, First Nations and all British Columbians benefit from the development of a new liquefied natural gas (LNG) industry…
LNG development is poised to trigger approximately $1 trillion in cumulative GDP within British Columbia over the next 30 years and that means more than $100 billion will flow directly to the Prosperity Fund.
Province wide, LNG is expected to create on average 39,000 annual direct, indirect and induced full-time jobs during a nine-year construction period. As well, there could be as many as 75,000 full-time jobs required once all LNG plants are in full operation…
…Projected total revenues to government are estimated between $130 billion and $260 billion over the next 30 years. In order to maximize the benefits of these developments to future generations of British Columbians, the provincial government is establishing a new British Columbia Prosperity Fund…
During the election campaign, Liberals promised that LNG revenues would not only ensure a debt free British Columbia but gas production would also fund essential spending for health care, education and social services…