Thank you for that kind introduction; and to you, Janet and Iain and the Vancouver Board of Trade for inviting me to speak here today, and in particular for the more intimate roundtable we had moments before.
It is not lost on our government, the important contributions that the Board of Trade has made over the course of time for the benefit of this city, of this province, and for Canada. Lobbying for undersea cable to Australia continued, with calls for better steamer service to Seattle, supporting the creation of the Port of Vancouver. All of these efforts, ladies and gentlemen, reflect the Board's clear understanding and commitment to building this city, to building this province, and indeed, building this country. For my part, as the Minister of Natural Resources, I appreciate your indulgence to talk about hope and opportunity, especially for British Columbians, to update you on recent measures delivered through our government's Plan for Responsible Resource Development, and to highlight policy options the federal government has made to support jobs, growth, and economic prosperity for all Canadians. Today, in a world connected as never before, that global focus is more important than ever before, and British Columbia is well positioned to take advantage of that opportunity.
So let's break it down. It may be that nowhere is the potential greater for creating jobs and opportunities through the responsible resource development of our resources than right here in British Columbia. That's why our government has introduced a plan for Responsible Resource Development. Its goal: to support jobs, protect the environment, and enhance First Nations engagement. It's my job as the Minister of Natural Resources to promote the benefits of our mining, forestry and energy sectors here at home and abroad. And I can assure you, folks, that I never miss a chance to pitch Canada as a country that respects and appreciates the extent of our natural resource endowment and our obligation to develop those resources responsibly. We all have an interest in that. Indeed, our natural resources, in many respects, define who we are as Canadians. Our towns', cities', big and small, and our First Nations communities' social, economic ebb and flow and opportunity have and will continue to be defined by, to a certain extent, our resources and how we use them.
Here in British Columbia, for example, the livelihoods of almost 100,000 people are tied directly to natural resources industries. Across Canada, this sector contributes about $30 billion to our government revenues every year, money that helps to pay for health care, education, and the social programs we value and we boast about on the global stage. So yeah, when we're talking about resources and its significant contributions to health care, to transfer payments for social programs and education, natural resources has an important place in that conversation.
The question, then, is what can the federal government do to support responsible resource development across the provinces, our territories, and with First Nations communities. Well, folks, it starts with important and strong economic fundamentals. That's why, from day one, our government's plan has focused on getting the economic fundamentals right, creating one of the world's most favourable investment climates. We've modernized our regulatory system to eliminate overlap and duplication, providing prospective investors with clear timelines and greater certainty, at the same time increasing in strength - the strength of environmental protection in terms of consultation in environmental processes, the powers of enforcement of our regulatory bodies, and finally, delivering on important legislation that serves to build investor and public confidence in marine, rail and pipeline safety, important components of energy development. I'll have more to say on that in a few moments, but I wanted to start with that important narrative on the economic fundamentals.
But then, since 2006, our government has also cut red tape in pure business terms: prudently managed our finances and opened new markets through free trade agreements with 38 countries. This is unprecedented, ladies and gentlemen. We have additionally lowered taxes to the point that, according to KPMG, total business tax costs in Canada are now the lowest -- the lowest -- in the G7, and 46 percent lower than those of our friends in the United States.
It's no surprise, then, to see Canada go from sixth to second place in Bloomberg's ranking of the most attractive destinations for people and for companies to do business. An economy that provides financial security for Canadians through good, well-paying jobs made Canada a destination for the choice of investors and industrial activity. Together with our vast resources and proximity to key markets, these fundamentals put Canada in a position to succeed. Despite weathering one of the deepest recessions in the past century and still facing, frankly, very fragile and uncertain economic conditions from which Canada is not immune, oil prices and gas prices are a case in point. Still, folks, our results of our collective efforts -- industry and other levels of government, particularly right here in British Columbia -- are a shining example of why Canada has one of the best economic records in the G7, and this should be a source of pride for all of us.
So let's talk about some of the more important milestones in responsible resource development that have helped us get to this place of opportunity. In mining, Canada continues to build on its position as a world leader. Today mining and mineral processing contributes $60 billion to our GDP, an increase of almost $10 billion since 2009. Forestry, one of the pillars of this province's economy, and one very important to us out in the great Kenora riding, is transforming itself into an export powerhouse. There is still work to be done, but we appreciate the opportunity and we're up for the task. In fact, the value of sales for Canadian wood products to China has grown by more than 1000 percent between 2007 and 2014.
And then of course there's energy. Canada already has the third-largest proven oil reserves in the world, 173 billion barrels. As technology improves, our recoverable reserves could grow to 315 billion barrels, or, more importantly, the largest oil reserves on Earth. Between 2005 and 2014, Canada's crude oil exports grew by 81 percent, or almost 1.3 million barrels per day. We are also the fifth-largest producer of natural gas, with up to 1,566 trillion cubic feet, or 44 trillion cubic metres, of marketable resources. That is enough to meet our current production for over three centuries. So, some of this is up for sale. And our challenge and our opportunity is to move these products to new markets in the near future.
So this would require new commitments. Andy spoke about one of them. I'm going to probably revisit it a little bit and talk about some others. The important message here is that, to further our goal of responsibly developing Canada's resources, our government has made three important announcements. And we know that developing those resources requires substantial capital investments, and these three recent announcements speak to that appreciation.
First, to support British Columbia's efforts to advance LNG development, Prime Minister Harper announced that the capital cost allowance on LNG equipment would be accelerated from eight percent to 30 percent. At the same time, the rate for buildings at LNG facilities would be increased to ten percent. And that's the same rate as for buildings at manufacturing facilities. In my view, we are moving oil and gas production, ladies and gentlemen, into the rubric of manufacturing. And so these changes to tax policies, I think, represent that. In fact, these measures are similar to ones we have already introduced to stimulate the manufacturing and processing sectors in Canada, making it easier for them to modernize and to expand, easier for them to create new jobs. Likewise, these initiatives will provide the LNG industry with even greater incentive to invest in Canada's future. Indeed, this is a critical initiative for building out the LNG industry because, as you know better than most, the business of shipping natural gas is capital intensive. The bar for entry is high. With these measures, investors in facilities that liquefy natural gas will be able to recover their start-up capital costs more quickly.
Developing our natural gas resources and encouraging LNG export growth will mean good, well-paying jobs for thousands of British Columbians, including our First Nations communities and their peoples. And that's why the purpose of this visit to Vancouver also includes visits with PNW Canada, LNG Canada, TransCanada, and others. It builds on a very recent and persistent record on my part to visit Vancouver and the stakeholders, more broadly speaking, and to take the steps that help us move these projects across the starting line. And that has included substantial meetings and actionable items with and for First Nations communities.
Secondly, we've extended the 15 percent mineral exploration tax credit for another year. During a challenging global economy, this incentive will help junior companies raise the funds they need to advance their operations. Since 2006, this measure has helped companies raise over $5 billion. The credit was due to expire at the end of this month, but this extension is required to help the mining industry on the exploration side thrive and grow.
And thirdly, we have expanded the definition of the Canadian Exploration Expenses to include the costs associated with environmental studies and community consultations that are required before a permit for grassroots exploration can be obtained. This means that companies can deduct a hundred percent of these costs, or flow them through to shareholders. This will be a real boost to resource companies, improve access to venture capital, and promote exploration of Canada's mineral resources.
These measures build on our Low-tax Plan for Jobs and Growth, making it even more attractive for companies to invest here in British Columbia and to invest here in Canada. And they complement the progress you are making here in British Columbia, where the government has introduced legislation on LNG. Indeed, part of the argument I made last fall, when I visited Japan and China, was that the tangible steps taken by the province, including the number of export licenses granted by my office for LNG, has provided certainty for potential customers around the world to understand how an LNG market could, would, and should work for our mutual benefit. During those trips, I found tremendous interest in Canada as a stable, reliable source of energy, a political-economic force known and understood the world over to be very supportive, and plainly the kind of country you want to do business in.
I should add that the British Columbia government continues to announce further concrete support for the LNG industry, and the feedback that I'm getting in the Pacific Basin and in Europe, where there is tremendous opportunity for new energy markets and a diversification of energy products to those markets, understand the important work that's being done here. I've let my friend and colleague, Deputy Premier Rich Coleman, know that BC can count on our government's continued commitment to the LNG industry. Minister Bennett, in mining and forestry, and I will continue to work with them to create new economic opportunities for British Columbians and all Canadians.
So this is very much about building partnerships. And it includes increasing opportunities for First Nations. Now, this comes pretty close to home for me personally. Over the course of my career, I've had the opportunity to live and work in isolated and remote First Nations communities across this beautiful country, including Klemtu here in British Columbia, in the Arctic Circle, and in north-western Ontario, Manitoba, and Saskatchewan. I can tell you that when our government sets out to responsibly develop our resources, we understand that Canada could not hope to go global if we didn't strengthen community engagement and public confidence here at home, and that that very much means a new level of engagement with First Nations communities. This is especially true with our First Nations communities here in British Columbia. Quite simply, folks, our success depends on an open and transparent dialogue and engagement of the opportunities that exist to be partners with First Nations communities on the development of energy projects and the infrastructure required to support them.
There were key themes in the 2013 report by Douglas Eyford, who was appointed by Prime Minister Harper as Canada's special federal representative on west coast energy infrastructure, which you should be keenly aware of. Mr. Eyford's objective was to find ways to expand Canada's energy goals while increasing First Nations participation. Our government responded quickly to this report. We have established a Major Project Management Office West, right here in Vancouver, and we are already delivering on several key initiatives that have helped or facilitated the conversation with where First Nations want to be in the support of and the development of energy products and infrastructure here in British Columbia. That office is helping First Nations build partnerships with industry and governments to seize opportunities in natural resources development, importantly environmental protection, and address their specific areas of interest relating to energy infrastructure.
During my visits here in November and January, I announced work we are doing with the Musqueam First Nation, for example, on fish habitat restoration, with an additional investment to study the development of a Pacific Centre of Marine and Land Stewardship in the Lower Mainland of British Columbia. I think we all have an interest in that. I'm a fisherman in the rare free time that I have. I appreciate someone who says we'd really like to protect this spawning bed here in the Vancouver Lower Mainland and its harbour. That resonates with me, and they appreciate the work that we have and are doing in these regards. We've made significant investments in job training with First Nations communities, with a job in the line of sight, including more than $3 million in the aboriginal labour market community; Navigators initiative that will help many aboriginal people attain the skills that they'll need to find work in the emerging area of liquefied natural gas, and, I would submit, forestry.
Last July my colleague, Honourable Minister Valcourt, announced that our government would develop a framework for addressing Section 35 of the aboriginal rights. Recognizing the unique expertise of Douglas Eyford in these issues, Minister Valcourt has appointed him as a ministerial special representative to work with our partners on the implementation of the report and comprehensive land claim policy. This report is expected soon, and we'll be studying it carefully. So folks, there are a number of issues that the federal government is paying careful attention to and fully engaged with, all aimed at enhancing our government's engagement and participation with First Nations communities and opportunities as valued partners in developing Canada's energy resources and its infrastructure.
Let me talk, as I promised I would earlier in this presentation, on environmental protection. In developing our resources, the federal government is making it clear, if we haven't already, that there must be an unwavering commitment to environmental protection. Simply put, ladies and gentlemen, as I see it from my position, if you're in the business of developing Canada's natural resources and/or the infrastructure required to support it, then you are in the business of environmental performance. Make no mistake about that. And with that kind of commitment comes a clear promise: no resource project will proceed unless it's safe - safe for Canadians and safe for the environment.
Backing that commitment are major new initiatives to ensure the safest possible system for transporting our energy, a system that sets world class as its benchmark and strives for world leading. These initiatives will help prevent incidents, enhance emergency preparedness and response, and increase liability and compensation. When it comes to pipelines, for example, Canada's system is among the safest in the world, and we should talk about that. In fact, 99.999 percent of the oil transported through 72,000 kilometres of federally regulated pipeline between 2008 and '13 arrived safely. Our government is building on that record, a solid foundation, by increasing the liability of companies operating major pipelines, giving new powers to the National Energy Board, enshrining the principle of polluter pays in law, and ensuring that taxpayers will not be on the hook in the unlikely event of an incident.
All of these measures of course are in our Pipeline Safety Act, introduced in December, and, at least to this point, have received unanimous support in the House of Commons. They are in addition to our earlier measures, which included new fines for smaller incidents to help prevent larger incidents from occurring, and substantially increasing pipeline audits and inspections and the powers required to enforce them. Similarly for marine transport, we're increasing the number of tanker inspections, investing in state-of-the-art technology, and modernizing navigation systems. We've also extended aerial patrols and satellite surveillance in response to recommendations from the Independent Tanker Safety Expert Panel. And we are amending the Marine Liability Act to provide unlimited compensation in the unlikely case of an oil spill. So many elements, but a single theme: building the confidence of Canadians that their resources will be developed safely and responsibly.
I talked earlier at the roundtable about two important elements that, before I proceed to my conclusion, I will just explain. Ladies and gentlemen, we believe firmly that there are two exercises we're engaged in: building public confidence, and building investor confidence. So whether it's pipeline, marine or rail safety, I hope that we all come to recognize -- as citizens, as investors -- that there are some remarkably simple and clear language around the development particularly of the infrastructure that transports our energy. Safety, prevention, preparedness, response, and liability - those are easy words to remember. They give assurances in the exercise of public confidence that, as industry and as governments, we take these priorities to be essential to the development of energy and its infrastructure; and similarly, as I have alluded to earlier in my presentation, the foundational elements of providing investor confidence, particularly as they pertain to environmental processes.
So in conclusion, folks, I want you to take away from today's presentation the impression that our government understands that there are a lot of moving parts to responsible resource development, a lot of partners to engage. And I hope I've laid out the tremendous opportunity – some might say legacy – we have to move resource development forward; and that the federal government's commitment to responsible resource development is focused on walking lockstep with all levels of government, including First Nations, and with industry. We're making Canada a great place to invest, building partnerships with industry, with First Nations communities and other levels of government, protecting the environment, all of these efforts focused on British Columbia and Canada, to seize this moment in time when the world's needs and our strengths, particularly our resources, align.
This compelling national opportunity requires a coordinated approach provided by Canada's Plan for Responsible Resource Development and our cooperation with provinces like British Columbia. We want to position Canada and Canadians to succeed - not just for a year or even a decade, but for generations. And we've heard generational opportunities talked about when we discuss LNG. Creating and protecting jobs by responsibly developing our resources - that's what this is all about, and that's what we're trying to achieve. And that's why we will continue on this course, managing prudently, balancing the budget, investing wisely, and acting boldly to build a future for our children and our children's children.
We know British Columbians have developed an appetite for fiscal prudence and balanced budget. And like a majority of Canadians, they've placed their order with this government. They've asked for a fair slice of Canada's Economic Action Plan, and that's what we're delivering. Boy, that's a lunchtime paragraph if I've ever heard one. But our plan is working, folks, and it's delivering. And through the collaborative efforts of industry, First Nations, and governments, including those in this very room, we are creating the right environment and the right opportunity for greater benefits from responsible resource development in the future, exactly the outward-looking, long-term perspective that the Vancouver Board of Trade understands so well, its members fully invested in supporting jobs, growth and economic prosperity. So thank you for your contributions to the opportunity we have before us.
And for my part, ladies and gentlemen, my name is Greg Rickford. I'm the Member of Parliament for the great Kenora riding. It's a privilege and an honour to serve my constituents, and, in my capacity as the Minister of Natural Resources, to serve you too. Thank you for this opportunity.