IIPP experts advise Canada's British Columbia on sustainable economic plan

Photo by Alejandro Luengo on Unsplash

Professor Mariana Mazzucato and her team at University College London's Institute for Innovation and Public Purpose (IIPP) will advise the B.C government as it develops its plan to build a sustainable, inclusive and innovative economy. The government will seek input from B.C. businesses, labour, Indigenous communities, not-for-profit organisations and local governments and the public.

Professor Mariana Mazzucato, Founding Director of IIPP, said:

"Governments have a critical role in shaping markets, not just fixing market failures. Responding after a failure has occured is, by definition, too late - and often carries a high financial and human cost, as we have seen with Covid-19 and the 2008 financial crisis. As the province of B.C. advances its economic recovery agenda, it has the opportunity to shape a different kind of economy - one that is sustainable, inclusive, resilient and oriented around solving problems that matter to people and planet."

Ravi Kahlon, Minister of Jobs, Economic Recovery and Innovation, is leading the public and stakeholder engagement on this plan. Some of these sessions will involve people representing multiple sectors so they can come together to share ideas about the future of B.C.’s economy. The economic plan will build on B.C.’s longstanding advantages and reflect people’s values to build a sustainable, inclusive and innovative future. 

Ravi Kahlon, Minister of Jobs, Economic Recovery and Innovation, said:

“The pandemic challenged B.C. in ways we never imagined. It brought out the very best in us as British Columbians, but it also shined a light on the historic gaps we see in our province. 
But with better days around the corner, we are also turning our minds and our hearts to the kind of stronger B.C. that we want for ourselves and future generations,” said Kahlon. “B.C. has weathered the storm better than most jurisdictions, thanks to our strong economic foundation, but there is more work to be done. Our economic plan will be our roadmap to ensuring B.C.’s long-term economic prosperity and I am pleased to have Professor Mazzucato advising me and government on this critical work.” 

Mazzucato and a team of experts at IIPP will advise the Province of B.C. on aligning public sector capabilities, financing mechanisms, and citizen engagement with a new mission-oriented innovation strategy for building an inclusive and sustainable economy.

The consultation process has begun, with the economic plan expected to be released in early 2022.

More information:

• Watch: Press conference with Professor Mariana Mazzucato and Minister Ravi Kahlon