Private equity experts and industry leaders warn that a dwindling supply of wood fibre and government policies are leading to a decline in investment in British Columbia's forestry industry. The province's forestry sector has received billions of dollars in investments over the past decade and supports thousands of jobs.
A dwindling supply of wood fibre and the B.C. government’s move to create a “paradigm shift” in the forestry industry is leading to a “vicious cycle” that is scaring investment away from the province, warned private equity experts and industry leaders Thursday.
He said he has stepped into burnt forests where companies are struggling to wade through red tape to salvage what wood is left and boost the province’s fibre supply. Duelling narratives on why fibre is in short supply While industry says bad policy pushed B.C.'s forest industry to suffer unnecessary losses, others have suggested the situation is of their own making.
In one case last year, BC Timber Sales — the B.C. government-run corporation responsible for auctioning off 20 per cent of the province’s annual allowable cut — gave a green light to companies looking to log certain old-growth forests slated for deferral, documents show. The May 2023 memo gave direction for logging to proceed in certain old-growth forests where First Nations haven't responded or where road building elsewhere is deemed not economically feasible.
'You can make money' On Thursday, forest industry leaders presented a different narrative — one where government red tape, poor investment conditions and multiple years of devastating wildfires have eliminated thousands of jobs and crippled once thriving economic growth.
Wood Fibre B.C. Government Forestry Industry Investment Private Equity Industry Leaders Annual Meeting Vancouver COFI Jobs
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
High-rise wood: Building code to permit 18-storey wood buildingsIn the midst of a housing crisis, province says building higher with wood is a faster, quieter and more environmentally friendly way to build
Read more »
Ford government set to table latest housing supply legislationMinister of Municipal Affairs and Housing and Government House Leader Paul Calandra speaks to reporters in Toronto, on Sept. 7, 2023.
Read more »
Canada's Housing Crisis: Government Takes Action to Increase Housing SupplyThe Canadian government, led by Justin Trudeau's Liberals, has released new policies and funding to address the country's housing crisis. The government has allocated $6 billion to a housing infrastructure fund and will provide it to cities that agree to increase housing density and improve building codes. This move comes as a response to the lack of affordable housing and rising prices in the country.
Read more »
UK government set to link China government-affiliated hackers to a cyberattack on election watchdogLONDON (AP) — Britain's government is expected to blame a string of malicious cyberactivity targeting the U.K.'s election watchdog and lawmakers on hackers...
Read more »
In Oklahoma, Another Example of Small-Government Conservatives Backing Government OverreachMaiman spent 30 years in media as both a radio broadcaster and as a news and opinion writer for both radio and print, including Yahoo, The San Francisco Chronicle, The Sacramento Bee and other McClatchy properties and numerous local outlets. I currently work for the United States Postal Service.
Read more »
Ford calls on federal government to 'get government workers' back to the office in OttawaPremier Doug Ford is calling on Prime Minister Justin Trudeau to bring federal workers back to the office for 'a few days,' as the Ontario government provides funding to revitalize Ottawa's downtown.
Read more »