Boosting the Blue Economy in Papua New Guinea

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NORTHAMPTON, MA / ACCESSWIRE / June 4, 2024 / KPMG:

KPMG is creating a Blue Economy Accelerator program to support local business growth and preserve the health of ocean ecosystems.

The blue economy presents the opportunity for new business models that enhance marine biodiversity and climate resilience, with jurisdictions around the world looking to apply ‘green' thinking to our seas and oceans.

Papua New Guinea is no different.

To help make a significant impact in this space, KPMG is taking on a world-first project to help devise and launch a blue economy business incubator in collaboration with the United Nations Development Program (UNDP). The project brings together KPMG professionals from Papua New Guinea, Canada and Australia and subject matter experts from across the globe.

The project's aim is to support local business growth and preserve the health of ocean ecosystems, starting with an 18-month long pilot that will get underway in Kimbe Bay, a picturesque hotspot for ocean biodiversity in West New Britain Province. With the blue economy being a new focus globally, a big piece of this work will center around capacity building.

The focus will remain on accelerating sustainable livelihood, opportunities linked to marine environment, empowering women-led enterprises and supporting Papua New Guinea's incredible coral reef ecosystems.

Starting by identifying potential businesses in the blue economy, KPMG professionals will then work with five chosen businesses to help develop investment prospectuses and build their reach, whether it be ecotourism, sustainable fishing or seaweed harvesting.

The South Pacific practice is working closely together across different geographies to deliver this exciting assignment for one of our largest clients in the development aid space. This growing sector is making a significant impact on the economies of all pacific nations, and we expect several opportunities arising over the next 12 months.

Zanie Theron
South Pacific Service Group Partner
KPMG in Papua New Guinea

Over the course of this project, KPMG will be operating in and learning from local communities to better understand the challenges and opportunities in the blue economy space, as all Pacific Nations come with a unique set of conditions.

Kimbe Bay is an area of outstanding ocean biodiversity and it is a privilege to be working on a project that supports the preservation of the ocean ecosystems. You can't take a once size fits all approach, and it is fascinating getting to work with local businesses and communities.

Rachel Armstrong
Director
KPMG in Papua New Guinea

This blue economy sector is making a significant impact on the economies across Pacific nations and KPMG firms are working closely together to deliver this exciting engagement for one of our largest clients in the development aid sector.

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