British Columbia’s natural resource industries—forestry, mining, energy and agri-food—are being buffeted by many challenges. A weaker global economy is weighing on some commodity prices. Multiplying and increasingly complex regulatory requirements continue to raise operating costs. In forestry, the aftermath of the pine beetle infestation, forest fires and government logging deferrals are all hurting the industry.
The vaunted low-carbon transition is routinely linked to upside opportunities in some resource-based industries, but it also brings a risk that Canadian jurisdictions will lose out to competing jurisdictions that prefer to advance emission-reduction goals using “carrots” rather than the battery of “sticks” that appeal to Ottawa and Victoria. Capital investment is already shifting to other jurisdictions because of costly and uncertain climate policies ...
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