January’s BC Natural Resources Forum provided a refresher course for anyone in need of instruction in what continues to drive British Columbia’s economy.
As underscored by the discussions and presentations provided during the three-day event – which was staged for the first time in a virtual format – forestry, mining and energy continued to be major job-, revenue- and tax-generating enterprises for the province throughout a year in which COVID-19 brought a host of other industries to their knees. They were not immune to the widespread collateral damage generated by the pandemic, but the province’s natural resource industries illustrated their resilience and the strength of their business fundamentals. They continue to provide the building blocks needed for shelter, transportation, manufacturing and the other necessities of life. Fortunately for B.C., those necessities are not about to go out of fashion, regardless of the 21st century’s prevailing technological disruptions. However, the natural resource extraction and development sector is at a climate-change crossroads. It needs to do a better job of reducing its carbon footprint and increasing the involvement of First Nations and other local communities in the challenges and opportunities it faces and the benefits and economic potential it generates. The good news is that, for the most part, those environmental and social-licence imperatives appear to have reached the top end of the corporate pyramid in B.C.’s forestry, mining and energy industries. The better news for B.C. and the future of its natural resource sector, especially in a time of economic devastation on so many other business fronts, is that forestry, mining and energy will be key providers of the raw materials and the economic muscle needed to drive and sustain the transition to a greener, more sustainable future in this province and in other parts of the world. Successfully completing that fundamental shift in business as usual will generate benefits well beyond B.C.’s environment and economy.
