KPMG: Launches Blue Economy Accelerator program for sustainable local business growth and preservation of ocean ecosystems
KPMG recently launched the Blue Economy Accelerator, a revolutionary program focused on promoting the growth of local business without affecting the ocean ecosystem. This is the innovative first of its kind jointly developed by KPMG in collaboration with the United Nations Development Programme (UNDP) and centered on promoting the establishment of sustainable business models that foster marine biodiversity and climate resilience in Papua New Guinea (PNG).
The Blue Economy is the new frontier of sustainable development and emphasizes activities that support economic activities that protect and restore ocean ecosystems. This further leads to new business models, which in turn accelerate both environmental and economic benefits. It is an approach currently applied by governments globally for the solution of environmental concerns as well as the opening of economic opportunities for oceans all over the world.
Pilot Program in Kimbe Bay, Papua New Guinea
The KPMG Blue Economy Accelerator will initiate a pilot in Kimbe Bay, West New Britain Province, PNG. This region is famous for the extraordinary biodiversity of the marine ecosystem for the launch of this program. Local businesses that support the blue economy value chain and ensure long-term health in the oceans can be supported with an 18-month project duration.
One key focus of the program insofar as capacity building is concerned. KPMG will assist local businesses towards sustainable growth and proper positioning to capitalize on opportunities that would now arise from the blue economy, which encompasses supports on marine-based livelihoods; enables women-led enterprises as it contributes towards preservation of essential coral reef ecosystems in PNG.
Support to Local Businesses
The potential businesses of the blue economy space is scouted for the KPMG professionals, local to Papua New Guinea and Canada, as well as the country of Australia and global subject matter experts so that closely with the local businesses one can identify their needs, and scale up their operation. Focused support would be provided in areas of ecotourism, sustainable fishing, as well as harvesting of seaweed on five businesses.
This program will help KPMG assist businesses in setting up investment prospectuses, expand their coverage, and reach investors who are interested in sustainable and environmentally friendly business ventures. It will also help businesses set up sustainable practices that conserve marine resources while driving economic growth.
Cross-Regional Collaboration
The KPMG Blue Economy Accelerator is a cross-geography collaboration initiative. In the course of implementing the venture, KPMG Papua New Guinea, Canada, and Australia work together to share knowledge and expertise toward enabling business in the Pacific region to take advantage of blue economies. The program would thus significantly impact the Pacific countries with growing interest in investing more in the sector of the blue economy.
The Pacific has the most diverse marine ecosystems on the earth planet and KPMG believes that conserving those along with stimulating economic activity, therefore while working together, professionals of KPMG will gain insight from issues and opportunities that will come with blue economy in those local communities in such a manner that each Pacific country program will have unique conditions that it requires.
Long-term Impacts and Sustainability
This is the Blue Economy Accelerator program that does not only satisfy the growth of short-term businesses but also ensures long-term sustainability for the region and ocean ecosystems. Contributions of KPMG to this project symbolize sustainable development and climate resilience for the Pacific region.
This will empower capacity building and also strengthen local businesses and communities who will have a stake in ensuring sustainable practices are put in place hence securing marine biodiversity for future generations. KPMG views empowering business activities like ecotourism and sustainable fishing hence setting an example for the rest of the Pacific nations to adopt and take the lead in the change within the Pacific region.
Blue Economy Role in Pacific Economies
The Blue Economy sector is ever more producing impacts for the Pacific nations’ economies, but there is growing awareness about its real potential and capabilities to ensure sustainable development along with developing new economic spaces. Hence, in recent times, this sector provides an interesting future way in which the regional economies would seek diversity and be environmental friendly.
This is just one of the ways through which businesses and organizations are partnering to help bring about such growth. In collaboration with UNDP and other partners, KPMG is looking forward to making a contribution towards a very critical sector of the development of the blue economy in the Pacific region.
Conclusion
The KPMG Blue Economy Accelerator is the leap forward toward sustainable business practice, and it promotes conservation of ocean ecosystems in Papua New Guinea. With concerted effort from local businesses, KPMG can enable an exciting blue economy, and for that matter will positively impact the environment along with the communities. Centered on capacity building along with women-led enterprises empowerment and support towards sustainable practice, the program will deeply affect the economic and environmental future of the Pacific region.
With KPMG collaborating with UNDP and local stakeholders, it has a good capability of advancing the agenda for the blue economy through innovation and development of new business opportunities while protecting the long-term ocean ecosystems.