Canada must make strategic investments in forest products, agri-food, mineral products and energy over the next ten to fifteen years to achieve long-term prosperity and well being, says a new report from the Conference Board of Canada. The document outlines how the country can benefit from the projected growth in global demand for natural resources while improving its environmental performance and ensuring the wellbeing of communities.

Mission Possible: A Canadian Resources Strategy for the Boom and Beyond is the latest in a series of reports looking at Canada’s future, known as The Canada Project.

Global demand for natural resources is likely to grow over the next decade. Canada is well positioned to prosper from its vast forests, significant agricultural landmass, large water volumes and substantial mineral and fossil fuel deposits. But to take advantage of expanding markets and to lock in gains, strategic investments in natural resource industries are required now, says the report.

The series supports the organization’s basic tenet that that economic growth, environmental integrity and social cohesion are inextricably linked. Prospering from high demand for natural resources requires strategic investments coupled with regulatory systems that minimize negative environmental and social impacts, says the report.

Canada’s environmental performance is less than desirable and, although progress has been made, more must be done, asserts the Conference Board. Resource industries can contribute to a Canadian sustainable prosperity that integrates economic development and the protection of the environment and the public.

But the opportunity may only come once, warns the report: “It comes with a limited-time offer. Careful, strategic investments in natural resource sectors - investments that consider the protection of the natural environment and the public - are required now to lock in gains.”

The full report can be downloaded here.