B.C. could pay off its entire debt by developing large, untapped sources of clean energy and selling the power to the U.S., says a new report.
B.C. Citizens for Green Energy say the province should be moving quickly to bring electricity on stream from wind turbines, small run-of-river hydro projects and geothermal and biomass sources.
A report by the group says all these sources combined could produce more than three times the current generating capacity of B.C. Hydro, or enough to power 12.8 million households.
Citizens for Green Energy spokesman Bruce Sanderson says not only would B.C. help reduce greenhouse gas emissions by becoming a leader in green energy, it would be able to export electricity in bulk like Quebec and make big profits.
"If British Columbia's incredible green energy potential was unlocked and put to work helping B.C.'s neighbouring provinces and states, it would generate equally substantial revenues for the people of this province, if not more," Sanderson said in a news release.
He says profits from energy sales could pay off B.C.'s debt, freeing up $2.2 billion from debt services costs each year, enough money to build six new hospitals with 300 beds each, or pay for seismic upgrading at every B.C. school that needs it.
Sanderson says turning to green energy would also reverse a trend in which B.C. Hydro has been importing more and more non-renewable energy from coal-fired electricity plants.
He says that means B.C. is essentially exporting jobs, adding to greenhouse gas emissions and losing significant revenues, and the government should be working harder to harness clean energy.
"Last week's provincial budget and the recent Throne Speech show that the province is moving in the right direction on green energy," Sanderson said. "But I'm disappointed that clearer direction wasn't given to every arm of the government, including B.C. Hydro, that the province is ready to act decisively, today, to develop B.C.'s green energy potential."
