Blue Economy

Creating jobs in the blue economy by providing $30 million between now and 2030 to COVE — Centre for Ocean Ventures and Entrepreneurship — so that it can reach its full potential.

Much of Nova Scotia’s economy and identity is defined by our proximity and connection to the ocean. No matter where you are in Nova Scotia you can never be more than 67 kilometres from salt water.

As our Federal government continues to develop a Blue Economy Strategy, a re-elected Rankin government will continue working with the government of Canada to ensure that  conservation initiatives integrate with our environmental, economic and equity seeking priorities.

Our vision for a modern Blue Economy is sustainable prosperity achieved by the optimum, responsible and sustainable use of resources, recognizing that sustainable fishing, aquaculture, tourism, and resource development are legitimate and valuable uses of our ocean resources.

Our ocean resources are drivers of innovation, and a re-elected Rankin government will seek to encourage new economic development opportunities, grow our population, expand our exports and develop our strategic sectors.

Nova Scotia is a world leader in ocean science and observation. Ocean technologies account for over $1 billion in revenues and one third of research and development among Nova Scotian businesses.

A re-elected Rankin government will ensure that the Blue Economy of tomorrow is intrinsically linked to our growing circular economy, and will continue to develop our emerging marine biotechnology and offshore wind industries while looking for new and innovative ways to re-energize our economy by sustainably leveraging ocean resources.

Creating Jobs in the Blue Economy

Five years ago, a joint federal-provincial announcement launched COVE – the Centre for Ocean Ventures and Entrepreneurship. The intention of this initiative was to foster opportunities for innovation and entrepreneurship that would create jobs and drive growth in the ocean sector.

Derelict buildings and wharves were refurbished so that global leaders in ocean science and research could work together with start-ups, R&D-intensive companies, industry and Nova Scotia post-secondary institutions to create a cluster of marine innovation and commercialization.

COVE is a success story. It has attracted 60 companies in just three years. As we emerge from COVID-19, the Blue Economy represents an opportunity to achieve sustainable economic growth from the ocean economy. Atlantic Canada is the centre of Canada’s blue economy and COVE is the heart of our ocean technology ecosystem.

COVE’s success merits an additional investment to seize a leading role for it, and Nova Scotia, in the global blue economy.

A Rankin government will provide $30 Million to COVE between now and 2030 to ensure it reaches its full potential. This funding will facilitate an expansion to include at least four regional outreach posts around the province in a hub and spoke model. That investment will double the number of ocean-related companies selling high value products to global markets from Nova Scotia, creating even more opportunities for young Nova Scotians.

The success of this investment will be measured by an increase in ocean-related GDP; more ocean-related jobs; and a doubling from 60 to 120 in the ocean tech businesses housed at COVE.

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