ECONOMY, ENVIRONMENT AND CLIMATE CHANGE 

Commitment 1.3.2 – In order to advance the territorial vision of land and resource management in accordance with the Land Use and Sustainability Framework, we will evolve our legislative, regulatory, and policy systems by:

We will review and develop amendments to the Northwest Territories Heritage Fund Act in light of devolution to ensure a defined revenue stream and stronger public governance.

The NWT Heritage Fund was created on August 1, 2012 with the passage of the Northwest Territories Heritage Fund Act. The purpose of the NWT Heritage Fund is to save a portion of future resource revenues for the benefit of future generations of NWT residents. Each year the Legislative Assembly may approve funds to the NWT Heritage Fund. Once transferred, these monies become part of the principal of the Fund.

Under the Act, for the first 20 years both the principal and interest or income generated in the Fund are retained in the Fund; therefore the first withdrawal of income generated from the Fund cannot occur until 2032-33.

The current Act includes a requirement for the Legislative Assembly to conduct a comprehensive review of the provisions and operations of the Act, including recommendations on how to seek public input and advice on expenditures for the Fund and whether independent oversight and management of the Fund is required in 2022. The review included in this Mandate Commitment moves the required review up by five years.

Related Mandate Commitments

• Commitment 1.1.8 – We will support mineral exploration and the mining sector, by implementing the Mineral Development Strategy, capturing opportunities to build transportation infrastructure that enables resources to get to market, closing the skills gap in the mining sector, implementing the Mining Incentive Program, developing and proposing a Mineral Resources Act, and supporting Indigenous governments to build capacity in dealing with mining-related activities.
• Commitment 1.1.9 – We will develop a long-term strategy to attract investment in oil and gas resources that will provide economic and energy benefits to NWT residents and businesses, while recognizing and protecting environmental, social, cultural and economic values.
• Commitment 1.1.12 – We will support the growth of Indigenous business development corporations and the capacity of Indigenous governments, through the completion and implementation of memoranda of understanding that reflect the economic opportunity objectives found in modern land claims.

For more information about this initiative, please contact the Department of Finance.