The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

ENVIRONMENTAL consultants yesterday said they were working on initiatives to unlock the potential of the so-called ‘blue’ and ‘green’ economies for The Bahamas’ long-term benefit.

Frederick Arnette II, conservation practitioner at the Nature Conservancy, told a Bahamas Institute of Chartered Accountants (BICA) conference that it is developing a pilot with the Small Business Development Centre (SBDC) focused on tourism opportunities for local communities. It is concentrated on “waste management, sustainable fisheries, as well as coastal restoration with other nature-based solutions”.

“Businesses can either line up with any one of these phases, whether they’re in the pilot or start-up phase, or maturity and that would give them access to grant funding, concessionary loans, or equity,” Mr Arnette said. Most of the businesses coming through the SBDC to partner with the Nature Conservancy are expected to be in the start-up phase and will need the support both agencies can provide to help with marine conservation.

The initial “pipeline” the Nature Conservancy has lined up are focused on the “blue carbon” track and “reef and mangrove insurance”. Mr Arnette added: “We are really seeking to partner with the Access Accelerator, SBDC, to address some of the challenges to reef degradation and to really support micro, small and medium enterprises.”

Meanwhile, Scott Johnson, biodiversity consultant with BRON, told the conference: “The green economy is one that results in improved human well-being and social equity, while significantly reducing environmental risks and ecological scarcities.

“In order to make a green economy a viable option for small countries, it must be compatible with other developing countries with regards to poverty alleviation. It must overcome key structural features of resource use and poverty in developing countries and land use changes, coupled with economic development and greenhouse emissions changes.”

Mr Johnson added: “Tourism remains the most crucial component of the economy, and it employs over 40 percent of working Bahamians. Eco-tourism, as part of assisting in diversifying the Bahamian economy, still has great potential in employing Bahamians, thereby reducing poverty.

“In areas such as research, tourism and bird tourism, both forms of tourism can help support ecological resiliency and assist with conservation efforts and minimize ecosystem destruction…. In 2014, a study was done on birding in the country and it turns out that birding brought in $39m to the Bahamian economy. So there is money there and it’s fun.”