In his March 2 budget speech to the B.C. legislature, finance minister Colin Hansen announced $100 million over three years in new climate action and clean energy development funding.

The future of B.C., he said, "is a future where our clean-energy expertise supports both our economy and our environment, and a future where people from around the world increasingly see our province as the best place anywhere to locate their businesses, raise their families and contribute to an even better quality of life."

Although he noted that mining, forestry, oil and gas "are all essential to the health of our economy" and "natural resources have always been the backbone of the B.C. economy", funding to the five resource ministries —  Forests and Range, Agriculture and Lands, Community and Rural Development, Energy, Mines and Petroleum Resources, Transportation and Infrastructure — has been cut by $320 million over three years.

Tax incentives will be offered to business sectors "which have enormous potential to boost our economy and generate jobs," said Hansen, including clean technology and carbon trading.

"In terms of clean technology," he said, "the IFA (International Financial Activity Act) will provide incentives to international players to come to British Columbia…They now employ about 18,000 people and contribute more than $2 billion a year to our economy. The global market for environmental products and services is expected to double by 2020, and we have a chance to capture an even greater share of that market."

"There is also huge growth potential in carbon trading," he said. "Since 2005, when we saw the beginnings of a global cap-and-trade system, carbon transactions worldwide have been valued at well over $100 billion. Analysts say the market could be valued in the trillions when the U.S. government adopts cap-and-trade… and B.C. will be ready."

Steps already taken include legislating targets for emission reductions, implementing a revenue-neutral carbon tax, committing to a carbon-neutral government and public sector, and beginning to develop the province’s clean energy resources. International and regional partnerships including ICAP, the International Carbon Action Partnership, have also been forged, Hansen said.

"No other jurisdiction in North America has done as much," he said, adding that an upcoming new B.C. Clean Energy Act "will advance the government’s commitment to become a world leader in the low-carbon economy of the future."

To date, the existing Innovative Clean Energy Fund "has committed more than $47 million to 34 projects in communities throughout B.C. in areas such as solar, wind, tidal, geothermal, and bio-energy," he added.

A new Green Energy Strategy will also be developed "to harness the potential of British Columbia’s clean energy resources to generate wealth, create new jobs and lower greenhouse gas emissions."

Another $35 million over three years is set aside for the popular LiveSmart BC: Efficiency Incentive Program, which provides financial support to households for energy audits and energy efficiency building retrofits. New program initiatives include residential smart meters and new smart-grid investments.

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