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

 

No compo for interests shut out of Kermadec sanctuary

Fishing, mining interests in Kermadec sanctuary won't attract compensation

By Paul McBeth

Sept. 29 (BusinessDesk) - The government won't compensate commercial fishing companies for lost catch in the proposed Kermadec ocean sanctuary, in what it sees as holding "very little viable commercial fishing."

At the United Nations General Assembly in New York, Prime Minister John Key announced plans to create a 620,000 square kilometre ocean sanctuary in the Kermadec region, spanning about 15 percent of New Zealand's exclusive economic zone and preserving habitats for the area's 39 different species of seabirds, 35 species of whales and dolphins, three species of endangered turtles and thousands of species of fish.

Among the commercial impacts of creating the sanctuary are the prohibition of commercial and recreational fishing and related tourism, and banning of resource prospecting, exploration and mining.

“It’s got about $180,000 worth of fishing and the prospectivity for minerals is a big unknown," said Bronwen Golder from the Pew Environment Group, which spearheaded the Kermadec sanctuary. "The value of protection for New Zealand is greater.”

A Cabinet paper signed off by Environment Minister Nick Smith on Sept. 10 estimated the annual value of fisheries in the region to be about $165,000 from a 20.1 million tonne catch. That's a fraction of New Zealand's annual fishing exports of $1.44 billion, which the paper says "reinforces that although the area is 15 percent of New Zealand's EEZ, there is currently very little viable commercial fishing."

All of the species caught are regarded as being highly migratory, meaning they aren't permanent residents in the region, and Smith proposed no compensation be paid to quota owners because the sanctuary has been built for sustainability purposes. That's in line with existing legislation, and "those fishers currently operating in FMA10 (the Kermadec Fisheries Management Area) target EEZ-wide HMS (highly migratory species) stocks that can be taken effectively in other areas."

A nominal quota set up to cover the discovery of commercially viable fisheries hasn't been allocated and is held by the Crown and Te Ohu Kai Moana. Those permits also won't be paid compensation as they have no value, the paper said.

"There will be an impact on fisheries, but this will be very small due to the existing protections in the area and the fact that most of the fishing that does occur can take place elsewhere in the EEZ," the paper said.

In a statement, industry lobby group Seafood New Zealand said it was working through the implications of the sanctuary, which had been announced without warning.

The Cabinet paper said the exclusion of the area from mining and prospecting would reduce a prospecting permit applied for by Nautilus Minerals NZ by about 44 percent, though because the application was still under review, officials could work with the company to revise the prospect area.

"Officials consider that the remaining application outside the sanctuary is prospective and offers an attractive investment opportunity," the paper said. "In more recent discussions Nautilus has also indicated interest in additional acreage in the southern part of the current reservation (outside the proposed sanctuary)."

The Environmental Defence Society welcomed the sanctuary as "a major achievement", but said the government still had plenty of work to do on oceans policy.

"What the government has yet to resolve is the reform of our oceans legislation to enable marine protected areas to be established throughout New Zealand's ocean realm."

By applying new legislation to the EEZ, "a proper programme of spatial protection can be applied to the bulk of New Zealand's oceans," EDS policy director Raewyn Peart said in a statement.

"This will help to provide greater certainty for the petroleum and minerals industries as well as for the environment," she said.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Energy Resources Aotearoa: New Law On Decommissioning Could Be Costly Overkill
A new law on decommissioning oil and gas fields passed by Parliament today has good intentions but is overkill, according to Energy Resources Aotearoa. "We strongly support operators taking responsibility and paying the costs for decommissioning, which is what all good operators do," says chief executive John Carnegie... More>>


Commerce Commission: News Publishers’ Association Seeks Authorisation To Engage In Collective Bargaining

News Publishers’ Association of New Zealand Incorporated seeks authorisation and provisional authorisation to engage in collective bargaining with Facebook and Google. The Commerce Commission has received applications from News Publishers’ Association of New Zealand Incorporated (NPA) seeking authorisation and provisional authorisation on behalf of itself... More>>


Reserve Bank: MPC Continues To Reduce Monetary Stimulus
The Monetary Policy Committee agreed to raise the Official Cash Rate (OCR) to 0.75 per cent. The Committee agreed it remains appropriate to continue reducing monetary stimulus so as to maintain price stability and support maximum sustainable employment... More>>

PriceSpy: Producer Prices Increase
New Black Friday and Covid-19 Report* released by PriceSpy says people’s fear of stepping inside physical shops during big sales events like Black Friday has risen since last year; Kiwis are still planning to shop, but more than ever will do it online this year... More>>

NZ Skeptics Society: Announce Their 2021 Awards, And Dr Simon Thornley Wins The Bent Spoon

Every year the New Zealand Skeptics presents its awards to people and organisations who have impressed us or dismayed us, and this year it’s been hard to pick our winners because there have been so many choices!.. More>>



REINZ: Sales Volumes Leveling Out

Data released today by the Real Estate Institute of New Zealand (REINZ) shows there were 44 fewer lifestyle property sales (-2.6%) for the three months ended October 2021 than for the three months ended September 2021... More>>


BNZ: Auckland Retail Card Spending Bounces Back In Step Two
Bank of New Zealand (BNZ) card spending data released today shows one week of retail therapy at Alert Level 3 Step 2 has been enough to raise card spending in Auckland to levels greater than before the Delta lockdown... More>>