Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Catch 22 for new industry?

Catch 22 for new industry?

Rejection of a proposal for a new industry is disappointing, says BusinessNZ.

The Environmental Protection Authority has turned down an application by Trans-Tasman Resources Ltd to start a new industry in the Exclusive Economic Zone off the coast of Taranaki.

The proposed enterprise would have established an under-sea iron sand mining industry, diversifying New Zealand’s extraction sector and creating new income streams and jobs in the Taranaki region.

Trans-Tasman Resources Ltd spent seven years and $60 million to research and develop the application.

The EPA turned the application down because of uncertainty around environmental effects.

BusinessNZ Chief Executive Phil O’Reilly says the decision is a blow for prospects for new industries and growth in the Exclusive Economic Zone.

“Any new industry is bound to have some uncertainties. Millions can be invested in researching and estimating the likely effects of a new industry without realistically being able to achieve absolute certainty about all outcomes.”

Mr O’Reilly said the decision made it clear ‘that there was uncertainty and that in these circumstance the Exclusive Economic Zone and Continental Shelf (Environmental Effects) Act 2012 requires the EPA to favour caution’.

“Business wants to be responsible and supports regulations to protect the environment, but will be wondering how much certainty is realistic,” Mr O’Reilly said.

“No doubt the EPA has carried out its mandate in good faith, but business will be wondering about the effect of the decision on other new and emerging industries.

“The rejection of an application to establish a new industry on the grounds of uncertainty - when 100% certainty for a completely new industry is impossible - may raise the question of whether our regulatory settings themselves may be preventing new industry from being established.

“It would be unfortunate if this was the message being heard by potential investors in New Zealand.”

ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news