Source Our Great Bear Sea | Marine refuge in the Northern Shelf Bioregion.
The Great Bear Sea PFP Initiative
The First Nations of the North Pacific coast have achieved a monumental milestone with the closing of the Great Bear Sea Project Finance for Permanence (PFP) initiative.
This groundbreaking effort, led by 17 First Nations, including the Haida Nation and Gitga’at First Nation, ushers in a new era of collaborative governance in marine conservation and community development.
With a whopping $335 million in funding secured — $200 million from the Canadian government, $60 million from the Province of BC, and $75 million from philanthropic investors — the initiative promises long-term resources to protect marine territories and foster sustainable economic growth.
The Great Bear Sea, or the Northern Shelf Bioregion, is a biodiversity hotspot that has been stewarded by First Nations for millennia.
The PFP will fund the Marine Protected Area (MPA) Network Action Plan and the Marine Plan Partnership (MaPP), covering approximately three million hectares or 30% of the Great Bear Sea.
This initiative is also projected to create more than 3,000 jobs and 200 new businesses over the next 20 years in various sectors, including marine stewardship and eco-cultural tourism.
Protecting oceans truly takes a village — or in this case, 17 nations!
May 2024 Sees First Decline in Construction Input Prices
There was a marked shift in the construction industry in May 2024 as construction input prices experienced a 0.9% decline — the first this year, mostly due to a significant drop in energy prices and slowing inflation.
This trend suggests that construction costs could potentially decrease, despite being slightly higher than the previous year.
Expert economists suggest this slowing inflation could lead to earlier-than-expected interest rate cuts by the Federal Reserve.
However, overall cost stability has been maintained, irrespective of fluctuations in material prices. Diesel prices saw a notable 20% decrease, while steel mill products and copper wire and cable prices moderately increased.
The dip in material prices, coupled with possible lower interest rates, brings a ray of hope to the construction industry amidst low optimism about profit margins.
The energy sector’s uneven trend also reflects a broader easing of inflationary pressures that could provide some relief to the construction industry.
This summer, it seems the only things cooling down in construction are the input prices!
New Rule Enhances Safety for Hazardous Materials Shipments
In a significant move to enhance safety, the U.S. Pipeline and Hazardous Materials Safety Administration (PHMSA) has instituted a new rule requiring railroads to provide real-time, electronic information about hazardous materials shipments to first responders.
This regulation ensures that emergency personnel are better prepared for incidents involving hazardous materials.
Prompted by recent train derailments, the rule mandates immediate reporting of hazardous materials details to primary public safety answering points, such as 911 call centers or emergency responder apps like AskRail.
Railroads must now generate real-time train consist information, including hazardous materials’ quantity and position, the train’s origin and destination, and emergency response details.
This will allow emergency personnel to effectively utilize PHMSA’s 2024 Emergency Response Guidebook and its mobile app, significantly improving incident preparedness and response.
Now, railroads have no choice but to stay on track with safety.