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'This is a huge undertaking': Input needed to shape 'Blue Economy' oceans strategy in Canada – The Journal Pioneer

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Canadians are being asked for their input on ways for this country to become a global leader in what the federal government refers to as the ‘blue economy.’

The blue economy, it says, taps into Canada having the world’s longest coastline and being connected to three oceans. It speaks to “creating reliable, middle-class jobs, while ensuring healthy oceans and sustainable ocean industries,” the Department of Fisheries and Oceans said in a Feb. 8 media release.

But it can’t do this without hearing from Canadians, it says.

On Feb. 8 Fisheries and Oceans Minister Bernadette Jordan launched the engagement phase in the development of Canada’s Blue Economy Strategy.

“Healthy, productive oceans are vital to the livelihoods of communities across Canada. We want to keep our oceans healthy, so we can grow these industries sustainably, and create more opportunities for our coastal communities,” Jordan said.

The input being gathered will help to guide future investments and policies of the department, she said.

Fisheries and Oceans Minister Bernadette Jordan - SaltWire File Photo
Fisheries and Oceans Minister Bernadette Jordan – SaltWire File Photo

“I’m very excited about this. This is something that can actually drive our post-pandemic recovery. We know the oceans are going to play an extremely important part in that,” the minister said. “We want to make sure that we’re doing everything we can to develop the right policies and the right investments.”

Ocean industries contribute approximately $31.7 billion to Canada’s GDP (gross domestic product) every year. But there are other countries ahead of Canada when it comes to their own GDP.

DFO says there is more potential to see Canada’s domestic GDP grow through a blue economy.

That $31.7 billion represents around 1.6 per cent of the country’s total GDP. It accounts for nearly 300,000 jobs across a broad range of sectors.

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The strategy being developed points to countless possibilities, says DFO, whether it be new products and technologies to enhance sustainability in the commercial fishing industry; exploring offshore renewable energy; encouraging sustainable tourism in coastal regions; the development of new green technologies and practices in ocean-related fields; or enhanced international trade.

A Blue Economy Strategy website was launched on Feb. 8 and engagement, which will continue until June 15, began that same day.

“We will have round tables with stakeholders, with industry, with First Nations, with provinces, territories, with environmental organizations, and others,” Jordan said. “There’s going to be an opportunity for people to go online and download an engagement kit and fill out things on their own on our website in order to be part of this process. It’s extremely important that we hear from as many people as possible because this is a huge undertaking.”

The LFA 34 commercial lobster fishery dumping day off southwestern Nova Scotia. TINA COMEAU PHOTO
The LFA 34 commercial lobster fishery dumping day off southwestern Nova Scotia. TINA COMEAU PHOTO

Jordan said coming from a N.S. coastal community – her mother, she said, worked in the fishing industry in a plant – she knows the importance of the oceans to people’s lives.

“I know how critically important the fishery is in our coastal communities. I know how important it is to our food supply chain. I know how important it is to our economy. Quite frankly, the fishers I know are some of the hardest working people I’ve ever met . . . It’s critical to making sure that their voices are heard on this blue economy as well.”

While the government continues to take action in the area of ocean protection and conservation – this includes ongoing actions under the Oceans Protection Plan, and a public commitment to protect 25 per cent of Canada’s marine and coastal areas by 2025, and 30 per cent by 2030 – Jordan said it is still felt the oceans can contribute more to the economy than they already are, even with those protection measures in place.

“We’re hoping that a lot of people get engaged in this,” said Jordan. “It’s been close to 20 years since we’ve had an ocean strategy. It’s time to look at what we’re going to be able to do to move Canada forward.”


Engagement paper:

Click here to read the ‘Blue economy strategy engagement paper’ on the website


From the Department of Fisheries and Oceans' Blue Economy Strategy website. - Photo via website
From the Department of Fisheries and Oceans’ Blue Economy Strategy website. – Photo via website

Quotables from the Feb. 8 launch of the ‘Blue Economy Strategy’ engagement launch from government departments:

“Canada’s blue economy should be second to none. That’s why we’re developing a strategy to make our ocean industries more sustainable, more productive and more prosperous. This is about creating more long-term opportunities for our coastal communities, by working with the ocean on its terms. Canadians understand that action on climate change is vital to sustainability and economic growth, and building a thriving, sustainable ocean economy is no different. The Blue Economy Strategy will help steer federal investments and actions, on all three coasts, across all ocean sectors, toward a single goal: to get more Canadians working on and in the water.”

• Bernadette Jordan, Minister of Fisheries, Oceans and the Canadian Coast Guard

“A Blue Economy Strategy means long-term prosperity for coastal and Indigenous communities. A comprehensive strategy will reflect the input of all Canadians, further protect our ocean-based resources while increasing our competitiveness.”

• Seamus O’Regan Jr., Minister of Natural Resources

“Our government understands that Canadians have always had a strong connection with our coasts and waterways. The Blue Economy Strategy aligns and complements what is being accomplished through Canada’s Oceans Protection Plan. Together, with Indigenous communities and stakeholders, we’re investing in protecting the environment while growing the economy by working to create a world-leading marine safety system that improves responsible shipping, protects Canada’s waters and strengthens response measures.”

• Omar Alghabra, Minister of Transport

“The oceans are a vital lifeline for Indigenous peoples in Canada’s North and Arctic, for everything from hunting, to fishing, to the delivery of goods through Sealift. It is essential that the unique needs of First Nations, Inuit, and Métis communities in the North are reflected in Canada’s Blue Economy Strategy. This will help drive future activities that protect these waters while enhancing economic opportunities. That is why we need partners from across Canada to engage in the development of this important strategy.”

• Daniel Vandal, Minister of Northern Affairs

“If Canada is going to remain a leader in the blue economy, we need to continue to develop new technologies and solutions that allow us to increase productivity in our ocean sectors while enhancing their protection to ensure sustainability. Our world leading ocean-innovators will play a vital role in the future of our ocean sectors.”

• François-Philippe Champagne, Minister of Innovation, Science and Industry

“Our ocean economy will only continue to grow, and by having a comprehensive Blue Economy Strategy, we can ensure that our actions and investments are coordinated to ensure proper stewardship of Canada’s blue resources. This will in turn lead to long-term economic prosperity for those who depend on our ocean sectors, including tourism businesses in coastal communities.”

• Melanie Joly, Minister of Economic Development and Official Languages

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ECB Confronts Shifting Markets as Economy Stays Frozen: Eco Week – BNN

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(Bloomberg) — European Central Bank officials will set policy this week against a backdrop of investors betting on a global upturn even as the euro zone remains mired in pandemic lockdowns and painfully slow vaccinations.

President Christine Lagarde will need to test her institution’s current stimulus plans against the challenges presented by those contrasting situations. While some of her colleagues have signaled concern over rising global bond yields, driven partly by the faster vaccine drive and bigger stimulus plans of the U.S., others are taking it in their stride for now. Investors will be watching Monday’s bond-buying data to see if the ECB ramped up purchases last week.

Meanwhile the ECB will assess the damage to growth from another lost quarter, with lockdowns throughout the euro region freezing activity as health authorities’ immunization efforts struggle to gain traction compared with the U.K. and U.S. Along with the decision on Thursday, Lagarde will unveil new quarterly forecasts at a press conference.

Where the Frankfurt institution can take some comfort is that it already has extensive stimulus in place. The centerpiece of that is its pandemic purchase program, whose original aim was to keep yields in check. That’s currently set to last at least another year.

But sooner or later, as officials observe how a recovery takes shape, they are going to have to decide whether the support currently pledged with that tool is enough.

What Bloomberg Economics Says:

“The ECB has emphasized its intention to maintain favorable financing conditions in an effort to support the recovery. We anticipate a clear message from the Governing Council that higher bond yields are triggering an unwarranted tightening of conditions.”

–Maeva Cousin, David Powell and Jamie Rush. For full preview, click here.

Elsewhere, Canada, Serbia and Kazakhstan are among countries with interest-rate decisions, the OECD presents its latest economic forecasts, and the U.K. will release data that may show the initial impact of post-Brexit trading.

Click here for what happened last week and below is our wrap of what is coming up in the global economy.

U.S. and Canada

Investors in the U.S. are watching for the latest consumer price data Wednesday as debate heats up over fears of inflation rising in pockets of the economy. Other reports due out this week include updates on the federal budget, weekly jobless claims and consumer sentiment. Federal Reserve policy makers are in blackout ahead of the central bank’s next meeting on March 16-17.

President Joe Biden’s signature $1.9 trillion Covid-19 relief bill passed the Senate on Saturday, following a more than 25-hour marathon of amendment votes that was completed only after a lengthy interruption while Democrats settled an intra-party dispute over unemployment aid. The measure, the American Rescue Plan Act, now heads back to the House, where Majority Leader Steny Hoyer said a vote will be held Tuesday.

Bank of Canada policy makers meeting Wednesday are likely to indicate they have no plans to withdraw stimulus from the economy any time soon, even as they prepare to adjust their quantitative easing program.

  • For more, read Bloomberg Economics’ full Week Ahead for the U.S.

Europe, Middle East, Africa

A turning point in the U.K.’s pandemic response is due on Monday, when schools in England reopen. The measure is an initial step unveiled as part of Prime Minister Boris Johnson’s plan to unlock the economy as vaccinations roll out.

Britain’s other pressing economic challenge, its exit from the European Union, may feature in gross domestic product for January. That report on Friday will reveal a glimpse of the growth impact from the country’s new trading relationship with the bloc as of the start of this year, in addition to the third lockdown.

The U.K.’s two most senior economic policy makers will also speak, with Bank of England Governor Andrew Bailey delivering a speech, and Chancellor of the Exchequer Rishi Sunak testifying to Parliament’s Treasury Committee about last week’s budget.

In the euro region, policy makers will be bound to a quiet period before the ECB decision later in the week. German industrial production data for January on Monday will signal how the factory base there is weathering the global slump and a continuing lockdown.

Elsewhere on the European continent, Serbia’s central bank will release its latest policy decision on Thursday, showing whether officials will keep the interest rate on hold at 1% for a third month after a surprise cut to that level in December.

Data on Tuesday will probably show the South African economy still contracted from a year earlier in the three months through December, even as it’s expected to reflect strong quarter-on-quarter annualized expansion. Israel will move into the next stage of reopening its economy from lockdown restrictions, with restaurants and cafes that will be allowed to open for full service in the world’s most vaccinated country.

  • For more, read Bloomberg Economics’ full Week Ahead for EMEA

Asia

Chinese trade data released Sunday, inflation numbers on Wednesday and credit figures for February will all be closely watched after PMIs pointed to slowing momentum for the world’s No. 2 economy.

Bank of Japan Deputy Governor Masayoshi Amamiya speaks on Monday ahead of a policy review later this month. The words of one of the principal architects of yield-curve control will be closely scrutinized for possible signaling from the central bank of what is in the pipeline.

A raft of data including household spending, wages and bankruptcies will show how the Japanese economy was faring during the state of emergency, while revised GDP figures for the last quarter may show slightly slower growth after the release of weaker capital spending data last week.

  • For more, read Bloomberg Economics’ full Week Ahead for Asia

Latin America

In Chile on Monday, look for year-on-year inflation data to come in right around the 3% target, where expectations appear well-anchored, yet again.

On Tuesday, Mexico’s inflation reports are the next-to-last price readings before the central bank’s March 25 meeting. The figures here may keep a quarter-point interest rate cut in play.

In Brazil events have overtaken policy, with the February report out Thursday expected to show inflation bumping up against the top of target range. Economists see a strong likelihood of a half-point interest rate increase at next week’s central bank meeting while swap traders have priced that in with six more to follow by year-end.

Later in the day, Argentina’s statistics agency posts consumer price data, and Peru’s central bank is expected to keep the key rate unchanged at 0.25%.

The week concludes with January reports on Brazilian retail sales and Mexico’s industrial production.

  • For more, read Bloomberg Economics’ full Week Ahead for Latin America

©2021 Bloomberg L.P.

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ECB Confronts Shifting Markets as Economy Stays Frozen: Eco Week – Financial Post

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Article content

(Bloomberg) — European Central Bank officials will set policy this week against a backdrop of investors betting on a global upturn even as the euro zone remains mired in pandemic lockdowns and painfully slow vaccinations.

President Christine Lagarde will need to test her institution’s current stimulus plans against the challenges presented by those contrasting situations. While some of her colleagues have signaled concern over rising global bond yields, driven partly by the faster vaccine drive and bigger stimulus plans of the U.S., others are taking it in their stride for now. Investors will be watching Monday’s bond-buying data to see if the ECB ramped up purchases last week.

Meanwhile the ECB will assess the damage to growth from another lost quarter, with lockdowns throughout the euro region freezing activity as health authorities’ immunization efforts struggle to gain traction compared with the U.K. and U.S. Along with the decision on Thursday, Lagarde will unveil new quarterly forecasts at a press conference.

Where the Frankfurt institution can take some comfort is that it already has extensive stimulus in place. The centerpiece of that is its pandemic purchase program, whose original aim was to keep yields in check. That’s currently set to last at least another year.

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But sooner or later, as officials observe how a recovery takes shape, they are going to have to decide whether the support currently pledged with that tool is enough.

What Bloomberg Economics Says:

“The ECB has emphasized its intention to maintain favorable financing conditions in an effort to support the recovery. We anticipate a clear message from the Governing Council that higher bond yields are triggering an unwarranted tightening of conditions.”

–Maeva Cousin, David Powell and Jamie Rush. For full preview, click here.

Elsewhere, Canada, Serbia and Kazakhstan are among countries with interest-rate decisions, the OECD presents its latest economic forecasts, and the U.K. will release data that may show the initial impact of post-Brexit trading.

Click here for what happened last week and below is our wrap of what is coming up in the global economy.

U.S. and Canada

Investors in the U.S. are watching for the latest consumer price data Wednesday as debate heats up over fears of inflation rising in pockets of the economy. Other reports due out this week include updates on the federal budget, weekly jobless claims and consumer sentiment. Federal Reserve policy makers are in blackout ahead of the central bank’s next meeting on March 16-17.

President Joe Biden’s signature $1.9 trillion Covid-19 relief bill passed the Senate on Saturday, following a more than 25-hour marathon of amendment votes that was completed only after a lengthy interruption while Democrats settled an intra-party dispute over unemployment aid. The measure, the American Rescue Plan Act, now heads back to the House, where Majority Leader Steny Hoyer said a vote will be held Tuesday.

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Bank of Canada policy makers meeting Wednesday are likely to indicate they have no plans to withdraw stimulus from the economy any time soon, even as they prepare to adjust their quantitative easing program.

For more, read Bloomberg Economics’ full Week Ahead for the U.S.

Europe, Middle East, Africa

A turning point in the U.K.’s pandemic response is due on Monday, when schools in England reopen. The measure is an initial step unveiled as part of Prime Minister Boris Johnson’s plan to unlock the economy as vaccinations roll out.

Britain’s other pressing economic challenge, its exit from the European Union, may feature in gross domestic product for January. That report on Friday will reveal a glimpse of the growth impact from the country’s new trading relationship with the bloc as of the start of this year, in addition to the third lockdown.

The U.K.’s two most senior economic policy makers will also speak, with Bank of England Governor Andrew Bailey delivering a speech, and Chancellor of the Exchequer Rishi Sunak testifying to Parliament’s Treasury Committee about last week’s budget.

In the euro region, policy makers will be bound to a quiet period before the ECB decision later in the week. German industrial production data for January on Monday will signal how the factory base there is weathering the global slump and a continuing lockdown.

Elsewhere on the European continent, Serbia’s central bank will release its latest policy decision on Thursday, showing whether officials will keep the interest rate on hold at 1% for a third month after a surprise cut to that level in December.

Advertisement

Story continues below

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Article content

Data on Tuesday will probably show the South African economy still contracted from a year earlier in the three months through December, even as it’s expected to reflect strong quarter-on-quarter annualized expansion. Israel will move into the next stage of reopening its economy from lockdown restrictions, with restaurants and cafes that will be allowed to open for full service in the world’s most vaccinated country.

For more, read Bloomberg Economics’ full Week Ahead for EMEA

Asia

Chinese trade data released Sunday, inflation numbers on Wednesday and credit figures for February will all be closely watched after PMIs pointed to slowing momentum for the world’s No. 2 economy.

Bank of Japan Deputy Governor Masayoshi Amamiya speaks on Monday ahead of a policy review later this month. The words of one of the principal architects of yield-curve control will be closely scrutinized for possible signaling from the central bank of what is in the pipeline.

A raft of data including household spending, wages and bankruptcies will show how the Japanese economy was faring during the state of emergency, while revised GDP figures for the last quarter may show slightly slower growth after the release of weaker capital spending data last week.

For more, read Bloomberg Economics’ full Week Ahead for Asia

Latin America

In Chile on Monday, look for year-on-year inflation data to come in right around the 3% target, where expectations appear well-anchored, yet again.

Advertisement

Story continues below

This advertisement has not loaded yet, but your article continues below.

Article content

On Tuesday, Mexico’s inflation reports are the next-to-last price readings before the central bank’s March 25 meeting. The figures here may keep a quarter-point interest rate cut in play.

In Brazil events have overtaken policy, with the February report out Thursday expected to show inflation bumping up against the top of target range. Economists see a strong likelihood of a half-point interest rate increase at next week’s central bank meeting while swap traders have priced that in with six more to follow by year-end.

Later in the day, Argentina’s statistics agency posts consumer price data, and Peru’s central bank is expected to keep the key rate unchanged at 0.25%.

The week concludes with January reports on Brazilian retail sales and Mexico’s industrial production.

For more, read Bloomberg Economics’ full Week Ahead for Latin America

©2021 Bloomberg L.P.

Bloomberg.com

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ECB Confronts Shifting Markets as Economy Stays Frozen: Eco Week – Bloomberg

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ECB Confronts Shifting Markets as Economy Stays Frozen: Eco Week  Bloomberg



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