In addition to the equity opportunity, Coastal GasLink has signed agreements with 20 First Nations along the route, delivering significant long-term benefits to these communities through contracting, training and employment.
Delivering a world-class project that will provide economic benefits for Indigenous communities, British Columbians and Canadians for decades to come has been a priority since day one. Our commitment started nearly 10 years ago, and since that time, we have worked together to identify a path towards mutually beneficial relationships. These relationships have led to the creation of unprecedented agreements of support from all 20 Indigenous communities along our project corridor. It is an honour to have our Indigenous neighbours also be our business partners.
We are proud to announce that TC Energy has signed option agreements to sell a 10 per cent equity interest in Coastal GasLink. The opportunity was made available to all 20 Indigenous communities holding existing agreements with Coastal GasLink and is an important step on the path to true partnership through equity ownership in the project.
“The finalization of the option agreements represent a historic milestone in our desire to participate as equity owners in the Coastal GasLink Pipeline. For many of us, this marks the first time that our Nations have been included as owners in a major natural resource project that is crossing our territories,” states Chief Corrina Leween of the Cheslatta Carrier Nation and member of the CGL First Nations Limited Partnership Management Committee.
Throughout the project, we have had thousands of meaningful interactions and engagements with Indigenous people that help guide the decisions we make every day. We learned, listened and incorporated feedback where possible to accommodate for historical and culturally significant areas.
“We are proud to advance our relationships with the Indigenous communities across the route through equity ownership in Coastal GasLink. Together, as business partners, we have the opportunity to learn, grow and change the way energy is developed in Canada. This is one of the ways we can advance reconciliation,” shares François Poirier, President and Chief Executive Officer, TC Energy.
Indigenous people have been instrumental in the development of Coastal GasLink. Since construction began, we have had hundreds of key roles held by local Indigenous people, and over $1 billion in project contracts have been awarded to local Indigenous businesses. In 2021 alone, we invested over $550,000 in local Indigenous communities to support community initiatives, skills training and education.
We look forward to strengthening our Indigenous partnerships as we take these next steps together. We are building more than a pipeline, together we are building a lasting legacy founded on safety and respect for all people, communities and the environment.
Read more about this milestone announcement here.