Richmond News

Chamber-Led Fraser River Economic Report Launched
Date:  7/15/2014
ArticleType:  Press Release

FOR IMMEDIATE RELEASE

Richmond, July 15, 2014 – This morning, the Richmond Chamber Commerce, in partnership with 12 other Chambers of Commerce and Boards of Trade, released a report titled ‘The Economic Importance of the Lower Fraser River’.

The study finds that $50 billion in economic development along the banks of the Lower Fraser River, stretching from the mouth of the river around Richmond, to the entrance to the Fraser Canyon at Hope, are at risk unless all levels of government act now to address serious issues facing the River.

Without an integrated holistic management strategy, and adequate funding, “the Lower Fraser River is heading for potential economic, environmental and social disaster unless senior levels of government start dealing with issues now,” said the report’s principal author, Dave Park. “With over 300,000 people in the flood plain – and another one million expected to live in the region by 2040 – the risks are too great to ignore.”
The report was commissioned by the Richmond Chamber of Commerce in early 2013 and led by Dave Park, an independent economist and former Chief Economist for the Vancouver Board of Trade, and Matt Pitcairn, the Manager of Communications and Policy at the Richmond Chamber. Among the risks it identifies are:

• inadequate flood protection infrastructure, which right now might not contain high tides in El Niño years in certain parts of tidal reaches of the Fraser River;
• lack of action on annual sediment removal from spring freshets, which each year move over 30 million m3 of sediment and leave about 3 million m3 of silt in the navigation and secondary channels of the lower reaches; and,
• by the end of this century sea levels at the mouth of the river could potentially rise more than one meter, overtopping the existing diking system without significant upgrades.

Based on these and other serious risks to the economic benefits of the Fraser River, every Chamber of Commerce and Board of Trade in the lower mainland along the banks of the river, are calling on senior levels of government to act now to commit funding to head off potential disaster.

“The current costs just for diking upgrades for the tidal areas of the river and for adjacent coastal reaches required by 2100 are in range of $9 billion,” added co-author Matt Pitcairn. “Damage from a major dike failure could range in the billions of dollars, with very serious impacts on the economy of the lower mainland, British Columbia, and all of Canada, due to the impact on the transportation of goods and services,” said Pitcairn.

“The City of Richmond is a municipal leader in flood management practices. Moving forward a long-term, regional approach, supported by senior levels of governments, is essential for our community to continue to thrive and prosper for generations to come,” said Gerard Edwards, Chair of the Richmond Chamber of Commerce.

“The first step to addressing this issue is to bring together the relevant stakeholders into a group,” concluded Park. “They should then be empowered to develop a collaborative strategy that will include the long term funding needed to deal with the significant risks to the Lower Fraser River, the region, and the entire national economy.”

The Lower Fraser River is a vitally important resource for the Lower Mainland, British Columbia, and Canada as a whole, with port activity that rivals Canadian traffic on the St. Lawrence Seaway. Port Metro Vancouver is the largest port in Canada and largest port by export tonnage in North America. In addition to port activity, the river supports a myriad of other economic activities vital to the region and beyond, such as:

• Soil in Fraser Valley supports some of the most fertile agriculture in Canada and annually generates more than 62% of the province’s gross farm receipts ($1.6 billion)
• 9 of 10 Federal Small Craft Harbours in the region are located on the Fraser River including Steveston which hosts the largest SCH in Canada
• Fraser River and its tributaries offer all 5 species of Pacific Salmon on seven of the most productive rivers in the province

The Chambers of Commerce chose today to release the report in conjunction with the launch of the Lower Mainland Flood Management Strategy by the Fraser Basin Council.

“The impacts from potential floods are a major risk identified in our study,” said Pitcairn, “and we welcome the collaborative approach initiated by the Fraser Basin Council today, to implement an integrated regional flood management strategy.”

The next step in the process of bringing greater awareness and attention to the major risks facing the sustainability and prosperity of the Lower Fraser River will be a forum hosted on October 16th, at the Sheraton Vancouver Guildford Hotel in Surrey, by the lower mainland Chambers. This one day event will explore in greater detail the findings of the research report and how to best act upon them. Senior elected officials and staff from all levels of governments will be invited, as will be First Nations and representatives of major stakeholder organizations.
An electronic version of the full report can be accessed at: http://www.richmondchamber.ca/external/wcpages/wcwebcontent/webcontentpage.aspx?contentid=10641

- 30 -

For further details, please contact:

Matt Pitcairn
Manager of Communications and Policy
Richmond Chamber of Commerce
(C) 604.341.8319
(E) mpitcairn@richmondchamber.ca

ARTICLE