Thank you very much again for the opportunity to be here today. I think it's a valuable exercise that you're going through.
I'd just like to come back to the comment that was made about externalities, for a moment if I may. I think it's a valid comment. Clearly, externalities are an economic principle that need to be factored in here, but I think they need to be factored in within the proper context and that you need to look at them from both sides of the equation.
Ruth mentioned the Canadian Environmental Assessment Act, a tool that is widely applied. It applies to virtually every aquaculture project in this country by virtue of their needing a federal approval to go forward. Therefore, a comprehensive review is done at an early planning stage to assess all of the risks and to mitigate those risks and to put the proper measures in place before any initiative can go ahead. All of the externalities that are talked about are mentioned there.
On the other side of the equation, though, I would encourage you to look at the societal costs, because, ultimately, when you look at the definition of an externality, it's a cost that's borne by society for an exclusive benefit some place else. So the question is, what is the societal cost of salmon farming, and that really needs to be addressed, because when we're applying this properly and going by all of the measures, this is a sustainable industry, as Ruth said. I would echo her comment very strongly. I don't think there are many better examples of a sustainable agriculture sector than salmon farming, just owing to the food conversion and the way the industry is operated. Can it be better? Absolutely, there's no question. This industry gets better year by year by year. Technologies evolve and develop and we improve. That's what it's all about.
On the other side of it, though, I want to bring up the precautionary approach because it hasn't been mentioned at the meeting today. It may have been brought up elsewhere. It's a principle that's widely thrown out there on the table. This measure says, in the face of uncertainty, exercise precaution. When you have a whack of scientific certainty, do nothing. That's the way it's applied. But I would really question you and ask, what's the societal cost of doing nothing?
Underscoring both SIA and the precautionary approach are the notions of serious and irreversible harm. I would really argue that in salmon aquaculture, when there's a problem, we retract. In the worst case scenario, you pull the farm and there is no serious, long-term damage from that operation. So you have reversibility, which gives you the leeway to go ahead and use adaptive management and to try to improve as you go forward. We really don't exercise that in this industry anywhere near the extent it should be. Society is paying a cost for that because we are losing economic development opportunities on that front.
I would just encourage the committee to look at it from that side as well. We can move forward, we can improve, but let's work cooperatively. Let's all roll up our sleeves and come to the table and say, we're going to make this industry succeed.
Thank you very much.