The $6.8 billion expansion project is seen as an investment for Canada. The pipeline is said to create opportunity to expand to new global markets in order to fully utilize Canada's natural resource that is crude oil. According to the Government of Canada, the project has committed $300 million to Indigenous groups. As stated in the article, the projected pipeline's greenhouse gas (GHG) emissions are within the legal limit, projecting to stay in reach of Canada's climate plan in 2030. The expansion project is said to create 15,000 jobs during the construction period. The expansion project is said to help Canada's economy by stimulating it with this huge investment.
The SFU Report recommends that the citizens of British Columbia, and specifically citizens of Vancouver protest the construction of the proposed pipeline. The report claims that the Trans Mountain Expansion Project will create both short term and long term employment, municipal property tax, and fiscal benefits for British Columbians. In reality, these claimed benefits will not likely benefit the province as much as stated.
Canadian Prime Minister Justin Trudeau states "this is a project that is fully viable", referring to the Trans Mountain Pipeline. Canada sells 99% of oil resources to our trading partner - the United States of America. As a result of this, Canada is losing about $15 billion dollars a year. If Canada gains access to other global markets for oil resources, it would make “good economic sense” (Trudeau). Prime Minister Trudeau believes there is a strong business case and vital economic use for the Trans Mountain Pipeline.
In this report, the economic benefits and risks of this proposed project are highlighted. The expansion project would increase the capacity to carry 890, 000 barrels of oil per day. The new pipeline could affect British Columbia's jobs such as; tourism, real estate, the coastal fishing industry and agriculture. Are there enough economic benefits for British Columbians to support this pipeline?
The Vancouver Economic Commission (VEC) echoes the fact that the economic and environmental risks outweigh the potential economic benefits. The Vancouver Economic Commission (VEC) supports and encourages the plan to "accelerate our transition to a low-carbon, resilient and inclusive economy". The VEC Report states the importance of the environment stance, while still understanding the economic and investment perspective of this project.
Although this expansion project provides employment and other economic benefits during the construction period, many of the economic and fiscal benefits occur after the pipeline is built. After the pipeline is built, it is said that there will be an increase in investment, stimulating the Canadian economy.