"It's like reliving our history", said Kitimat Mayor Phil Germuth, remembering the Aluminum Company of Canada's decision to build an aluminum smelter in that north coast city in the 1950s, making what was then the single largest private-sector investment in Canada's history.
LNG Canada has an estimated price tag of up to $40 billion, considered the largest private investment in B.C. and Canadian history.
Reports that a $40-billion LNG is a project is a go surfaced over the weekend, prompting concern from BC Green Party leader Andrew Weaver, who remains disappointed amid confirmation of the project. "It seems that mega-projects are back". Both government and industry data only account for the first phase of the project, while environmentalists are counting the second planned phase, which has not yet been approved.
Horgan's minority NDP government only governs because of the support of the Green party.
Environmental groups such as the David Suzuki Foundation also believe the project does not match B.C.'s climate change goals.
'I don't see it as a case of replacing United States cargoes, more about meeting projected demand growth, ' said Wood Mackenzie analyst Nicholas Browne.
How can we can permit a facility and pipeline we don't own to be built, but we can't twin the pipeline we do own? Elected leadership of 25 First Nations - and that's a huge amount of support - recognized the positive impact this will have at a societal level for our communities.
The LNG Canada joint venture claims its two-train export plant has been created to achieve the lowest carbon intensity of any large-scale LNG plant now operating in the world.
LNG Canada said that LNG from its project will reach Asia in about half the time it takes from the U.S. Gulf Coast.
"This is a generational opportunity for northern British Columbia, one that could not be passed up", he said.
In light of these circumstances, LNG Canada plans to construct a natural gas liquefaction plant at Kitimat.
The future of major energy projects in British Columbia has been at the centre of a debate because of the provincial NDP government's opposition to the Trans Mountain pipeline.
A crunch is coming in the LNG markets because not enough projects are coming on stream in the years ahead.
Electric sector demand is expected to increase by 0.7 Bcf/d as new gas-fired capacity replaces retiring coal plants. "It seemed like a vision that seemed unreachable", she said.
Kinder Morgan Inc. sold the oil pipeline to the government for $4.5 billion after the USA energy giant said it faced "unquantifiable" political and regulatory risk.
He added that the LNG Canada approval marks a "drastic" improvement in the LNG market over the past year - a trend driven by growing Chinese demand - and suggested more final investment decisions could come in the next 12 months.
Western Canada "is closer to 75% of the global LNG market in Asia than any other non-Asian supplier", Madeline Jowdy, senior director of global gas and LNG at S&P Global Platts in NY, said in an email.
While the project is expected to provide a boost to the Canadian energy industry, some analysts asked whether the price tag could be tough on Shell.
Prime Minster Justin Trudeau and B.C. Premier John Horgan embrace during a press conference announcing the signing of a Declaration of Final Investment Decision for a LNG project in Kitimat, Vancouver, October, 2, 2018.