(Bloomberg) — Dutch growth has “hit a wall” because of nitrogen emissions and a lack of space as the Netherlands seeks to reduce the environmental impact of its economy, Finance Minister Sigrid Kaag said.
The world’s second-largest agricultural exporter will need to accelerate a shift toward high-tech jobs, boost affordable housing and attract more business investment over the next decade, she said in an interview with Bloomberg News.
“We’ve hit a wall in terms of current possibilities due to nitrogen, CO2 emissions and space,” Kaag said at her office in The Hague. Economists predict growth in output will slow to 4.4% this year and 0.4% in 2023, following a post-pandemic rebound to 4.9% in 2021.
The Netherlands, where farming takes up close to three-fifths of the country, had agricultural exports of €105 billion ($110 billion) last year, according to an estimate from Wageningen University. Cattle and fertilizers are key sources of nitrogen emissions, and the country is already breaching limits set by the European Union.
The Dutch government wants to transform its agricultural, transportation and construction sectors to meet a goal of halving emissions by 2030, and plans to buy out thousands of farmers to free up land. This could lead to a one-third drop in livestock over eight years.
Read more: Dutch No Longer Want to Be One of World’s Top Agro Exporters
Kaag said the Netherlands’s growth strategy must focus more on technology and a highly skilled labor force. The country is already home to ASML Holding NV, the world’s biggest manufacturer of chipmaking machines and Europe’s most valuable tech stock.
“We’re clearly trying to sustain an investment climate that’s attractive for a wide range of companies to either invest here or stay here,” she said. “But we need to make very difficult choices and we need to do it in a way that the majority of people not only understand but also support because they know we cannot incur a climate debt.”
The country became engulfed in months of protests by farmers after the government presented plans to reduce emissions in June.
Fossil Fuels
Asked about EU efforts to wean itself off Russian fossil fuels, Kaag said the Netherlands is against joint borrowing to accelerate the transition to cleaner energies.
Member states are negotiating a proposal, known as REPowerEU, to use as much as €220 billion of unused loans from the bloc’s pandemic recovery fund and €20 billion of subsidies to bolster the EU’s energy infrastructure.
“We’re not convinced that the common reflex is common borrowing or a sovereignty fund,” Kaag said.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
