For the past year, “economic diversification” has been the magic phrase, as threats from the U.S., global political and economic instability, and climate volatility increase exponentially. It is perplexing, then, that B.C. appears to be quietly shelving the plan that has more potential than any other to do just that, with no formal response to the independent CleanBC review report, no real climate measures in the 2026 budget, and the dissolution of the Climate Action Secretariat.
The U.S.-Israel war against Iran has further destabilized oil and gas markets, making the need to transition away from risky, expensive and volatile imported fuels even clearer.
Instead, clean electricity represents one of our greatest opportunities for long-term economic stability and household affordability. Domestically produced, transmitted, and used clean electricity can shield the province and British Columbians from fluctuating supplies and prices. So, how do we do it?
CleanBC was once viewed as a shining example of provincial climate and economic planning, with a roadmap to 2030 targeting emissions reductions across sectors — growing local economic opportunities, skills and innovation, while finding ways to make life more affordable. Last year, the province commissioned an independent review of CleanBC, which produced 80 actionable recommendations to leverage momentum and build on successes to date. Now, we wait to see if ambition remains, and whether B.C. will stay “climate competitive” among other leaders in the global clean energy economy.
If you look at CleanBC simply as a plan to reduce emissions, and fairly point out that it hasn’t yet reached those targets, then I would argue we’re not measuring success correctly. The plan has helped grow companies, sectors and opportunities to compete in the largest investment sector in the global economy. At the same time, it created opportunities for improved community- and household-level well-being by helping cool more homes, make buildings more resilient to flood, fire, and smoke, improve local air quality through EV adoption, and reduce household energy bills through efficiency measures. More efficient home heating and cooling and the transition to an EV, for example, can save the average British Columbian household $500 to $1,000 a month.
CleanBC was helping make B.C. what the federal government has coined “climate competitive.” We were set to compete and lead in the national and global economies, just as investors were looking for opportunities in decarbonization, and clean-tech manufacturing and commercialization. Our leadership on methane emission reduction and industrial carbon pricing set the private sector up for long-term success and economic competitiveness. If we want to build a resilient economy while reducing emissions, these tools can make both happen.
A plan like CleanBC also serves to make our economy and households more resilient to climate impacts, saving huge amounts of resources. The cost of extreme weather events in 2021, the most damaging in recent years and no longer considered to be of low probability, was in the range of $10 billion to $17 billion. B.C.’s budgets are set to near $100 billion annually these next few years, meaning in 2021, climate disasters represented 10 per cent to 17 per cent of the budget. The cost of inaction is beyond a tipping point. If we want to decrease climate risk, we must invest in the renewal and improved performance of built environment assets and community infrastructure — such as the buildings we work and live in, our utility systems and our green spaces — just as CleanBC intends.
B.C. sits full of potential and is poised to reap the rewards of an economy the rest of the world is jumping into with both feet. And this potential lies in more than just our natural resources and industries of the past. It’s in the industries of the future. In January, Bloomberg reported that global investment in clean energy and the energy transition was $2.3 trillion, up eight per cent from the previous year, and more than double global investment in fossil fuels.
B.C. faces massive challenges. The good news is that embracing the energy transition — growing our clean electricity supply, further electrifying our lives and industries, and using that energy more efficiently — can help solve many of them. More good news is that B.C. has a plan to help guide this critical work. As the global economic and political picture becomes increasingly dire, let’s not put it back on the shelf.
