…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 that gas production would also fund essential spending for health care, education and social services.
Liberals projected LNG revenues to government between $360 million and $720 million per month for thirty years. The income overstatement turned out to be 100%.
The BC Business Party told many contemptuous lies during its tenure but ones involving LNG were the largest. The captured corporate media crew in BC’s Legislative Press Gallery facilitated Liberal untruthfulness by failing to look behind or beyond government press releases.
Attentive research would have convinced any objective researcher that government was telling tall tales when it projected an almost $3 billion a month increase in in gross domestic product (GDP).
In 2012, I wrote Our pending meltdown, asking about LNG:
Are BC Liberals about to drag taxpayers into another economic calamity? Something akin to BC Hydro’s private power initiative, where government has taken near $50 billion of financial risk and guaranteed abundant profits to private energy promoters.
In fact, even government deregulation and promises of subsidies for infrastructure and feedstock production and transport were insufficient incentives to compete in an oversupplied world. In addition, changing energy technologies and the need to reduce the use of fossil fuels ensured failure of Liberal promises.
Views like this have been expressed here and at other sites managed by the people Vaughn Palmer called “nincompoops.” In fact, the analyses of arrogant journalists – members of the what RossK calls the Lotuslandian ProMedia Club – have been consistently inadequate and frequently flawed.
But, if we’ve learned anything in recent years, it is that political journalists in the corporate media serve vested commercial interests rather than citizens of this province.
In Canada, governments have long been in the pockets of fossil fuel industries. That may not be the case in China and may explain why that country pulled out of the Aurora LNG project. Some recent news:
China Adds Record 24.4 Gigawatts Of New Solar In First Half Of 2017, Clean Technica, July 2017:
China installed a record 24.4 gigawatts worth of new solar capacity across the first half of 2017, according to new figures from the country’s solar PV association, a new year-on-year record of 9% up on 2016’s own record installation numbers…
At this rate, if things continue the way they have been going over the first half of the year, and policy continues to drive the installation of renewable energy located central to where it is needed, solar may well again beat the massive 34 GW installed in 2016 — a figure which was up 126% on 2015’s solar installations, and well up on analyst predictions.
An entire region of China just ran on 100% renewable energy for 7 days, Business Insider, June 2017:
From Pittsburgh to Frankfurt, cities around the world are pledging to stop burning fossil fuels for electricity by 2050 or sooner.
But the Chinese province of Qinghai has already reached that goal, according to news outlet Xinhua. For seven days — from June 17 to 23 — the region ran on 100% renewable energy…
China Aims to Spend at Least $360 Billion on Renewable Energy by 2020, The New York Times, January 2017:
China intends to spend more than $360 billion through 2020 on renewable power sources like solar and wind, the government’s energy agency said on Thursday…
The agency said in a statement that China would create more than 13 million jobs in the renewable energy sector by 2020, curb the growth of greenhouse gasses that contribute to global warming and reduce the amount of soot that in recent days has blanketed Beijing and other Chinese cities in a noxious cloud of smog…