Minister of Tourism, Arts, Culture and Sport Lisa Beare released a statement on Thursday saying that "the Province is declining to support a bid", stating that "the billions of dollars in direct costs" and "indemnity liability risks" could risk the Government’s ability to address problems facing British Columbians.

According to the statement, the indigenous-led bid was reviewed for more than a year but the Government wants to focus on "the cost of living, health care, housing, public safety and building a strong work force".

Earlier this month, Alberta's Minister of Culture Ron Orr said that the Canadian province is "open to" hosting the 2030 Winter Olympics but there has been no development since.

This means Sapporo in Japan is the only remaining confirmed bidder for the Games along with Salt Lake City in the United States, which is more interested in the 2034 edition.

A Pyrenees-Barcelona bid was scrapped in June while the Sapporo bid has been losing momentum due to the developing corruption scandal surrounding Tokyo 2020.

Meanwhile, Beare also suggested that "existing commitments to host the 2026 FIFA World Cup and the 2025 Invictus Games" were factors behind the decision to not back the bid.

"Our government remains committed to the important work of putting reconciliation into action, and continuing to build strong relationships with Indigenous partners," the statement from Beare continued.

The Vancouver 2030 bid is being led by the Lil̓wat7úl (Líl̓wat), xwmə kwəy’əm (Musqueam), Skwxwú7mesh (Squamish) and səlilwətaɬ (Tsleil-Waututh) nations and also had the support of the Canadian Olympic Committee, the Canadian Paralympic Committee and the municipalities of Vancouver and Whistler.

The decision to not support the bid has not gone down well with Liberal House leader Todd Stone describing the move as "deeply regrettable".

"Particularly because this was an Olympic bid that was led by First Nations, led by indigenous people," Stone was quoted as saying by Canadian public broadcaster CBC.

"To turn their backs on First Nations... is frankly irresponsible.

"And it doesn't really reflect a government that practises what it preaches when it comes to reconciliation."

Officials from Vancouver and Whistler also expressed disappointment after the latest development

"The RMOW [Resort Municipality of Whistler] entered into this process in good faith, believing it was a model for reconciliation in action," said Whistler Mayor Jack Crompton to CBC.

"We are disappointed it has ended without the opportunity for the kind of fulsome, all-party analysis we have looked forward to completing."

The City of Vancouver said it "understands and acknowledges the disappointment expressed at this news, especially given the historic element this bid would have as the first ever Nations' led Olympic bid."

Meanwhile, the First Nations also resonated the same sentiments and told CBC that they are planning to hold a "discussion around the status of bringing the Games back" tomorrow along with members of the Canadian Olympic and Paralympic Committees.