A new Conference Board of Canada report, which was released on Monday, estimates that growing the liquefied natural gas (LNG) industry in British Columbia could create 96,550 new jobs, boost total wages in Canada by over $6 billion, and increase Canada’s Gross Domestic Product (GDP) by $11 billion every year for the next 44 years.
“Canada’s LNG industry holds potential economic benefits for Canada,” said Roger Francis, Director of Sustainability at The Conference Board of Canada, in a news release. “Under the scenario researched by the Conference Board of Canada, thousands of well-paying jobs could be created and billions of dollars in new revenue could be realized by governments across the country.”
The report, A Rising Tide: The Economic Impact of B.C.’s liquefied natural gas industry, examines the potential economic impacts of growing Canada’s LNG industry to 56 million tonnes per annum (MTPA) by 2034 with the investment in infrastructure, additional LNG projects and the expansion of the $40 billion Phase 1 LNG Canada project in Kitimat, B.C.
“This report shows that by all of us working together– governments, industry, Indigenous nations, workers and communities – to responsibly build an LNG industry, we can provide a significant and much-needed economic boost to our country,” said Bryan Cox, President and Chief Executive Officer of the Canadian LNG Alliance. “Importantly, through our low-emission LNG, Canada will make an outsized contribution to reducing global emissions and particulate matter, while investing in the critical infrastructure we need for our continued transition to a cleaner energy future.”
The report said Alberta’s GDP would see an annual increase of $1.6 billion, or just over 0.5 per cent.
Between 2020 and 2064, more than $92 billion in revenue could be generated for provinces and territories in Canada. Of this total, nearly $78 billion would accrue to British Columbia. Over $64 billion would be generated for the federal government in tax revenue, said the report.
It said there would be a gain of 71,000 jobs annually in British Columbia alone, representing a three per cent increase in total provincial employment as of May. Neighbouring Alberta would add more than 9,200 jobs. Ontario would see more than 10,800 jobs created. Quebec, an additional 2,600 jobs, Manitoba more than 1,000 jobs, and Saskatchewan more than 800 new jobs each year for 44 years, said the report.