A $7-million First Nations Regeneration Fund
It looks like the B.C. economy of this century is going to include aboriginals – who were so ignored by the one of the last century. A new $7-million “first Nation Regeneration Fund” will give aboriginals access to capital to become co-owners of some run-of-river power projects.
The Fund was put together by Ecotrust Canada, two aboriginal capital corporations – after a century of dependence on governments most First Nations have formed capital corporations to further their own economic development – and the federal government.
It makes absolute sense that aboriginals should be involved in any power project in BC. They have ownership rights to many of BC’s rivers, but for too long have been ignored when it came to developing those waterways. In the old days, when BC ramped up its power production, aboriginals were usually shunted aside, physically as well as figuratively.
And they have also been largely ignored amid the current propaganda war over private versus public ownership of power production, which everybody in his right mind recognizes will probably become one of the economic mainstays in this province in future.
David Lantin, chief operating officer of Tribal Resources Investment Corporation (Tricorp), pointed out that most of the First Nations interested in the fund are looking to diversify away from traditional fishing and forestry businesses and so see the new power industry as an opportunity to provide jobs and income.
And Ecotrust Canada president Ian Gill said the new fund is a kind of trifecta of social responsibility in that it provides first nations with real equity, has a strong environmental benefit, and will have an economic impact.
I don’t know how anyone could argue with that. But I am sure that in this fractious, politicized province, someone will. But it will likely be done in a roundabout way, with grumbling about how First Nations have been co-opted by the private sector, the lure of money, etc.
But that’s plain paternalistic. It’s about time we allowed First Nations to become masters of their own fate.
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