The Parrsboro Tidal Energy Centre and Its Economic Implications
Nova Scotia’s struggling economy has the potential to be improved with investments from the provincial and federal governments with the tidal energy opportunity in Parrsboro.
Set in the Bay of Fundy, tidal energy is expected to create huge economic gains and is set in a preferable environment, as the Bay of Fundy is known worldwide for its breathtaking tides.
The funding towards the production of the renewable energy source could create new economic opportunities from a renewable energy source in Nova Scotia, increasing revenue and increasing the employment level in the province.
Nova Scotia is said to be destined for the young generation to emigrate away, however job opportunities, some created by the tidal energy industry, may create an incentive to stay in the province after university.
So what effect will this tidal energy opportunity have on the economy?
One of the main goals of any economy is a low unemployment rate and the production of this will most certainly create more jobs and will lower the national unemployment rate. This is good news for the Canadian economy as a whole, but more specifically the Nova Scotian economy. After the film tax credit debacle, it seems as if the economy has been beaten down. However, tidal energy could be seen as the savior.
FORCE (The Fundy Ocean Research Center for Energy), is also offering interim positions for students in the summer. Nova Scotia is home to many universities and a large number of the students come from all across Canada, and all across the world. Many of these students return home in the summer months. However, these interim positions may provide the incentive to stay in the province for the summer and potentially even plant roots in Nova Scotia.
The improvement is occurring very slowly. Nova Scotia’s tides create one of the most favourable settings for production of tidal energy in the world, but the majority of the investment in the industry is taking place across the pond, in Scotland and France. With tidal energy, a clean renewable energy source, Canada has the potential to improve its image on the world stage from a producer of dirty energy to a leader in the development of clean energy.
The production of tidal energy in Nova Scotia could act as a defibrillator for the dying economy and potentially attract young families, or students, leading to a more favorable outcome compared to what is expected.
Nova Scotia will need to compete with the overseas production as well, but in the long run, this industry is expected to give the Nova Scotian economy a favourable boost, which it desperately needs. Just maybe, if we can figure out how to extract tidal energy cheaply and efficiently, we would be able to reduce the cost of energy to Nova Scotian families and businesses.
I urge you to skim through this one to get the full economic outlook and what’s to come for NS: http://www.theglobeandmail.com/news/national/how-the-maritimes-became-canadas-incredible-shrinking-region/article23554298