Indigenous equity ownership saw momentum in 2024, but more work still to be done [Video]

When electric utility BC Hydro launched a procurement process earlier this year seeking new sources of clean energy for the province’s power grid, it included a specific requirement: projects must be at least 25 per cent owned by First Nations.

The procurement was BC Hydro’s first competitive request in more than 15 years, and the utility ended up receiving proposals for three times more energy than it was targeting. It plans to announce the successful proponents by the end of the year.

BC Hydro’s power program, and its decision to mandate First Nations equity ownership requirements, was just one of a series of milestones achieved this year on the road to improved economic participation by Canada’s Indigenous people.

Other major achievements in 2024 included a positive final investment decision by the proponents of Cedar LNG, a US$4-billion liquefied natural gas terminal being built off the coast of B.C. The facility …