A new project has been launched in Papua New Guinea to stimulate the growth of the blue economy sector in the country.
Papua New Guinea is one of the world’s 17 megadiverse countries and lies at the heart of the Coral Triangle - home to 76% of known coral species in nearly 14,000km2 of coral reefs.
Under threat from the impact of climate change, over-fishing and marine pollution, Papua New Guinea is taking steps to strengthen the management of their marine environment through the expansion of marine protected areas and promoting the blue economy sector in the country.
The blue economy presents opportunities for new business models that proactively contribute to increased marine biodiversity and climate resilience, ensuring sustainable fish biomass levels for future generations.
The United Nations Development Programme (UNDP) in Papua New Guinea has launched a joint programme to establish a Blue Economy Incubation Facility (BE-EIF) to accelerate sustainable livelihood opportunities linked to the marine environment and PNG’s incredible coral reef ecosystems.
Supported by the Global Fund for Coral Reefs (GFCR) and the Joint SDG Fund (JSDGF), the Blue Economy Incubation Facility will place emphasis on assisting marine-focused and women-led enterprises.
“PNG has the potential for a vibrant blue economy sector that sustainably manages the marine resources that so many Papua New Guineas are dependent upon,” said UNDP Papua New Guinea Resident Representative, Mr. Dirk Wagener.
“The incubation facility will provide technical and early-stage financial support to help nurture women-led businesses through their growth trajectory”.
This pilot facility will demonstrate ‘proof of concept’ for new blue business models and act as a catalyst for a vibrant and robust blue economy in Papua New Guinea, to attract private sector support of the blue economy sector and the expansion of marine protected areas.
The GFCR and JSDGF supported programme also formed a partnership with the PNG Biodiversity and Climate Fund - to embed the Blue Economy Incubation Facility within this newly formed institution.
The UNDP, together with the Biodiversity and Climate Fund, will administer grants to early-stage businesses that demonstrate a considerable positive impact on the marine environment.
The United Nations Capital Development Fund (UNCDF) will work with the domestic financial sector to incentivise and design new blue financial products. This will provide much-needed financial support for blue enterprise development, through partnerships with domestic financial institutions - and incentives for the long-term conservation of key marine ecosystems.
The Biodiversity and Climate Fund is a transparent, national-level funding institution that catalyzes resources from a variety of sources from donors to private sector entities - and deploys them successfully where most needed, while ensuring effective use and impact. For more information please visit: https://pngbcf.org/