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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.

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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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Poland has EU's second highest emissions in relation to size of economy – Notes From Poland

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Poland has EU’s second highest emissions in relation to size of economy  Notes From Poland

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IMF's Georgieva warns "there's plenty to worry about'' in world economy — including inflation, debt – Yahoo Canada Finance

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WASHINGTON (AP) — The head of the International Monetary Fund said Thursday that the world economy has proven surprisingly resilient in the face of higher interest rates and the shock of war in Ukraine and Gaza, but “there is plenty to worry about,” including stubborn inflation and rising levels of government debt.

Inflation is down but not gone,” Kristalina Georgieva told reporters at the spring meeting of the IMF and its sister organization, the World Bank. In the United States, she said, “the flipside” of unexpectedly strong economic growth is that it ”taking longer than expected” to bring inflation down.

Georgieva also warned that government debts are growing around the world. Last year, they ticked up to 93% of global economic output — up from 84% in 2019 before the response to the COVID-19 pandemic pushed governments to spend more to provide healthcare and economic assistance. She urged countries to more efficiently collect taxes and spend public money. “In a world where the crises keep coming, countries must urgently build fiscal resilience to be prepared for the next shock,” she said.

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On Tuesday, the IMF said it expects to the global economy to grow 3.2% this year, a modest upgrade from the forecast it made in January and unchanged from 2023. It also expects a third straight year of 3.2% growth in 2025.

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The world economy has proven unexpectedly sturdy, but it remains weak by historical standards: Global growth averaged 3.8% from 2000 to 2019.

One reason for sluggish global growth, Georgieva said, is disappointing improvement in productivity. She said that countries had not found ways to most efficiently match workers and technology and that years of low interest rates — that only ended after inflation picked up in 2021 — had allowed “firms that were not competitive to stay afloat.”

She also cited in many countries an aging “labor force that doesn’t bring the dynamism” needed for faster economic growth.

The United States has been an exception to the weak productivity gains over the past year. Compared to Europe, Georgieva said, America makes it easier for businesses to bring innovations to the marketplace and has lower energy costs.

She said countries could help their economies by slashing bureaucratic red tape and getting more women into the job market.

Paul Wiseman, The Associated Press

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Nigeria’s Economy, Once Africa’s Biggest, Slips to Fourth Place – BNN Bloomberg

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(Bloomberg) — Nigeria’s economy, which ranked as Africa’s largest in 2022, is set to slip to fourth place this year and Egypt, which held the top position in 2023, is projected to fall to second behind South Africa after a series of currency devaluations, International Monetary Fund forecasts show.

The IMF’s World Economic Outlook estimates Nigeria’s gross domestic product at $253 billion based on current prices this year, lagging energy-rich Algeria at $267 billion, Egypt at $348 billion and South Africa at $373 billion. 

Africa’s most industrialized nation will remain the continent’s largest economy until Egypt reclaims the mantle in 2027, while Nigeria is expected to remain in fourth place for years to come, the data released this week shows.   

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Nigeria and Egypt’s fortunes have dimmed as they deal with high inflation and a plunge in their currencies.

Bola Tinubu has announced significant policy reforms since he became Nigeria’s president at the end of May 2023, including allowing the currency to float more freely, scrapping costly energy and gasoline subsidies and taking steps to address dollar shortages. Despite a recent rebound, the naira is still 50% weaker against the greenback than what it was prior to him taking office after two currency devaluations.

Read More: Why Nigeria’s Currency Rebounded and What It Means: QuickTake

Egypt, one of the emerging world’s most-indebted countries and the IMF’s second-biggest borrower after Argentina, has also allowed its currency to float, triggering an almost 40% plunge in the pound’s value against the dollar last month to attract investment.

The IMF had been calling for a flexible currency regime for many months and the multilateral lender rewarded Egypt’s government by almost tripling the size of a loan program first approved in 2022 to $8 billion. This was a catalyst for a further influx of around $14 billion in financial support from the European Union and the World Bank. 

Read More: Egypt Avoided an Economic Meltdown. What Next?: QuickTake

Unlike Nigeria’s naira and Egypt’s pound, the value of South Africa’s rand has long been set in the financial markets and it has lost about 4% of its value against the dollar this year. Its economy is expected to benefit from improvements to its energy supply and plans to tackle logistic bottlenecks.

Algeria, an OPEC+ member has been benefiting from high oil and gas prices caused first by Russia’s invasion of Ukraine and now tensions in the Middle East. It stepped in to ease some of Europe’s gas woes after Russia curtailed supplies amid its war in Ukraine. 

©2024 Bloomberg L.P.

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