Share the economic and social benefits

• Full, meaningful, culturally appropriate economic participation by Traditional Owners must be built into a project. This means that Prescribed Bodies Corporate (PBCs) must be provided with every opportunity to consider how they can participate, and participation may include ownership.

• Agreement benefits are to be based on the specific outcomes the community wants to achieve. For example, while rental payments and royalty streams are a longstanding means of economic participation, additional options may include employment, equity ownership, ownership of project assets, and joint venture arrangements. Tabling a range of participation options from the outset enables PBCs to build and share generational wealth.

• Suitably experienced and qualified independent economic advisers can assist PBCs to identify economic participation options appropriate to both their aspirations and their needs.

• Proponents should employ First Nations peoples' goods and services, particularly from the local community, where possible, and as desired by the community, to develop a skilled workforce.

• Concrete targets for employment creation, recruitment and retention of First Nations workers and accountability should vest with senior Proponent executives.

• Social benefits, based on the priorities of the PBC and local community, should be discussed at an early stage and built into the project’s accountability and governance structure. This can provide energy security and improve economic, educational, health and social outcomes.

• Engagement of Traditional Owners and local community to identify ways to manage and address potential project impacts, including visual, noise or traffic impacts, the management of shared water resources and waste disposal methods, and any other requirements, including housing or other special needs in the community.

[YMAC’s view on sharing the social and economic benefits mirrors the First Nations Clean Energy Network’s expression in Best Practice Principles for Clean Energy Projects.]

Examples of social and economic benefits