The biggest political issue facing Northern British Columbia in the upcoming provincial election is whether Victoria will create a northern legacy fund that is generated from northern resources.
This strategic untouchable fund should be set up to insure long term sustainability for many northern communities that rely solely on non-renewable resources to make a living.
To subsidize projects and to balance the province's balance sheet, Victoria has sold northern oil and natural gas rights, mining rights, forest licenses, water rights, and deferred BC Hydro revenues.
The north has generated billions of dollars for Victoria for many years.
Having no long-term legacy fund has created economic uncertainty for many northern townships and a dramatic decline may happen sooner than later.
For example, recently the Association of BC Forest Professionals and the owners of Babine Forest sawmill have questioned the quantity and quality of timber supplies.
In the future, billions of dollars will be needed to rebuild northern BC Hydro plants and to create the new Site C dam.
Millions of dollars are needed now to encourage new industries such as LNG processing plants to export our shale natural gas.
The Kitimat and Prince Rupert shipping ports need expensive
upgrades.
Sawmills will not be rebuilt and aging pulp mills may close if millions of dollars are not in place to encourage companies to rebuild.
Alberta and many other regions throughout the world have created untouchable legacy pensions to be only spent when their natural
resources become exhausted.
For instance, to avoid the dreaded Dutch disease Norway saved a whopping $600 billion from its oil and gas tax revenue.
In comparison, Victoria has
nothing saved and is in deeply in debt. Ironically, we need laws to protect northern resource profits from our own government.
A political prediction: the first provincial party that makes a northern legacy resource fund one of its priorities in their election platform, will sweep the northern electorate.
However, unless northern citizens voice their concerns, Victoria will continue to ignore long term northern problems for political short term gains in the Lower Mainland.
Not having a contingency plan is foolish and incredibly short-sighted.
Mark Clements
Prince George
