It is still too soon to make a decision on the future of the Island’s Exclusive Economic Zone (EEZ), according to Michael Dunkley.

While Government carried out public consultation last autumn concerning a proposal to turn a large section of the EEZ into a no-take marine reserve, referred to by supporters as the “Bermuda Blue Halo,” the Premier said more research should be done.

“This first phase of consultation did not include the level of rigour now understandably being requested,” Mr Dunkley said. “Based on what we now know, with the range of views regarding the way forward for our EEZ, the level of confidence with this knowledge, and the data gap, this Government believes that it is premature to establish a firm or definitive position on the future of the EEZ at this time.

“The forecasted benefits require a more in-depth and reliable level of due diligence to arrive at a point where benefits, risks and costs can be reasonably quantified and a sustainable position can be taken.”

The Bermuda Government released a report yesterday detailing the findings and conclusions of last year’s public consultation. The report states that while the EEZ offers an array of options for economic development, more studies must still be done.

The document’s conclusion says: “The forecasted benefits require a more in-depth and reliable level of due diligence to arrive at a point where benefits, risks and costs can be reasonably quantified and a sustainable position can be adopted.”

The report found strong support for seeking more information about the social and economic benefits of the EEZ and the opportunities it may represent, but that there are other economic considerations that have not been fully explored.

“All opportunities must be assessed with regards to their economic feasibility, long-term viability and the value to our economic, social and environmental sustainability,” the report writer stated.

“The decision on the most appropriate way forward for this asset should reflect a solid understanding of the impact on key economic indicators such as the potential for attracting direct foreign investment, enabling local investment and economic stimulus, spawning local entrepreneurship, creating jobs for Bermudians, contributing to our GDP, diversifying our economic base and model, strengthening our international profile and increasing our global competitiveness.

“Notwithstanding the differences in the issues and the varied stakeholder submissions, there is good consensus from the public on the need for a made-in-Bermuda approach to the EEZ and its future.”

The report added that Cabinet has approved the issuance of a Request for Quote (RFQ) to determine the cost of an independent feasibility study to investigate potential economic activity within the EEZ to help inform future decisions.

“In continuing the consultation, the RFQ will govern the predominant activities and opportunities in the offshore waters of this important national asset,” the report stated.

The report is available electronically on the Sustainable Development Department website, or by e-mail request to sdd@gov.bm. A limited number of printed copies are also available from the office of the Sustainable Development Department.