The B.C. government received a record amount of revenue from coal exports in 2022.
B.C. exports reached a record level in dollar value in 2022, largely due to higher fossil fuel prices, and thus representing a double-edged sword for the provincial government, says a climate change policy expert.
“The prosperity from those exports is fragile, and it needs to be fragile if we’re going to have a livable planet,” added Harrison after looking at the data presented in the Annual B.C. Origin Exports report from Feb. 7. The higher values are attributed to higher global prices, according to the 2023 budget document for 2023-2024 fiscal year: “Energy exports to both the U.S. and non-U.S. destinations were a main driver of total exports growth in 2022, supported by higher prices for natural gas and coal.”Likewise, wood products contributed to much of the rest of B.C.’s record export values in 2022, as $7.3 billion of softwood lumber was sold compared to $4.8 billion in 2019 .
The 2022-2023 budget initially estimated total revenue from “energy, sales of Crown land tenures, metals, minerals and other” to be $1.8 billion but the second quarter forecast turned out to show $3.8 billion of revenue. Meanwhile, the B.C. government continues to promote its CleanBC plan to lower climate-changing emissions by 40 per cent below 2007 levels, by 2030.
According to the 2023 budget, natural resource prices are expected to lower this year, leaving the government with less revenue. In fact, the trend started in the last half of 2022, as the fourth quarter saw an 11.9 per cent decline despite the record total.“Strong export growth is forecast to continue in B.C. as Canada’s first LNG terminal moves into production in the medium-term,” the budget noted, adding: “Real exports of goods and services are estimated to have grown by 6.
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