Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
Canada’s federal Finance Minister Joe Oliver warned Friday the province of Nova Scotia could be thwarting a key economic opportunity by banning high-volume hydraulic fracturing for onshore shale gas.
The decision, which follows an independent panel review that recommended the government proceed slowly, prompted criticism from industry groups, which insist the process is safe and could bring big financial payoffs.
The minister, Canadian Press reports, echoed that sentiment, arguing several provinces have carried out fracking for decades without any contamination of drinking water.
Canada’s federal Finance Minister Joe Oliver.
“When a government steps back from the responsible development of its resources and that development doesn’t create an environmental risk, there are economic consequences inevitably to that and there’s a lost opportunity,” he was quoted as saying.
But N.S. Energy Minister Andrew Younger says the province is only banning high-volume fracking, which requires far more water than conventional fracking and has been around for less than a decade.
A two-year moratorium on fracking was put in place by the previous NDP government in 2012 as public protests grew in Nova Scotia and in neighbouring New Brunswick.
In a statement Wednesday, Younger said the Liberal government made its decision following input from the public, including aboriginal leaders in the province.
“Nova Scotians have clearly indicated they are not yet ready for the use of hydraulic fracturing in the development of shale reserves,” he said.
Fracking enthusiasts say the industry could spur Nova Scotia’s stalled economy and reduce its dependence on coal-fired plants.
The problem, says Barbara Pike of the Maritimes Energy Association, is that the province needs energy, particularly natural gas. “The public should understand that if we’re not going to get it locally, we’re going to get it somewhere.”
2 Comments
nobody24
The Nova Scotia public should get precisely what they demand, however the Federal government should not pay for this. The want to import energy and pay the price, they should. They want to develop solar and wind, and depend on them, they should, but the rest of Canada should not pay for that luxury for them, they want it, THEY pay for it. Reduce their “equalization” payments, call it a cleanup tax for those who must develop the energy, for Scotians to buy and use.
Do Nova Scotians fly? the commercialization of the technology is not that old, younger than fracking… perhaps they should have a moratorium, until more study is completed.
patentbs
NS does have coal. If you are going to turn back the energy clock look for more Spring Hill occurrences.
I think it is poor policy (but good liberal policy) to disregard any form of energy because of irrational fear!