OP-ED Put Politics Aside and Consider What Unites Us

The Board of Trade has been following the progress of the Churchill River agreement. Like any large-scale project, this opportunity comes with advantages and risks. Informed by an awareness of the shortcomings as well as the benefits of this deal, we maintain our view that advancing the Churchill River agreement will ignite economic growth, attract investment, and power our future.  

We are not hydroelectricity experts, but as business leaders we are entrenched in the local economy and are deeply invested in the prosperity of Newfoundland and Labrador. We know our province has enormous potential. Rich natural resources, adjacency to multiple global markets, and a strong, skilled workforce should make us an extremely attractive destination for investment. However, we cannot ignore some harsh realities. Our ability to attract investment is impacted by a lack of electricity. The Labrador region in particular has an urgent need for increased power. Against a backdrop of a crippling provincial fiscal situation, we face great uncertainty as we look to our future. 

The option on the table for Churchill Falls is not perfect; no deal with multiple parties can be. Newfoundland and Labrador has made concessions throughout this negotiation process. Quebec has made concessions as well, not the least of which was opening a contract that leaned heavily in their favour 15 years early. But we must consider what we are gaining. A $49 billion opportunity has the potential to be revolutionary for our province. That value alone can shift the course of our fiscal position. The energy that will be unlocked will enable a multitude of promising projects to proceed. It will position Newfoundland and Labrador as an attractive place to invest and improve economic and social conditions for the people of our province.

The federal government’s support for this project is a significant benefit that must be factored into the assessment of the agreement. Billions of dollars of federal financial support, investments and tax credits is a signal of the importance and timeliness of this opportunity. At a time when national unity and sovereignty is crucial, the benefits of this deal reach beyond Quebec and Newfoundland and Labrador; it is nation building.

An abundance of public, institutional and political attention, and expertise has been devoted to this agreement. This is a momentous decision, and it should not be taken lightly. But we must have the courage to act, to build, and to define our future. We can acknowledge the injustice of our history and pursue opportunities that help us move forward. 

Newfoundland and Labrador’s resources have been unnecessarily politicized for generations. As the special sitting of the House of Assembly continues this week, we ask our leaders and elected officials to put aside the politics and consider what unites us: a deep love of our province and a shared vision for a prosperous Newfoundland and Labrador.