As an island state, Malta has always drawn strength and identity from the sea, with its waters shaping the nation’s culture, traditions, and economy. Encompassing the sustainable use of marine resources for economic growth, the blue economy gives Malta a chance to deepen its connection to the sea.
Sectors such as sustainable fishing, aquaculture, marine renewable energy, and coastal tourism provide Malta with an opportunity to create a diversified and resilient economy whilst prioritising responsible development.
The potential for the blue economy to augment Malta’s growth is clear, particularly when considering the range of upstream and downstream activities, and spillover effects into other areas. Beyond economic opportunity, the blue economy presents a novel approach that can also contribute to social and environmental objectives.
We are committed to supporting this journey
Socially, sectors such as sustainable fishing and aquaculture can strengthen local food supply chains, enhancing food security and affordability. Environmentally, activities such as offshore renewable energy can reduce pollution while contributing to Malta’s green transition.
With growing interest from investors, advancements in technology, and supportive local policies, Malta is well-positioned to capitalise on the blue economy’s evolving landscape. Recent milestones, such as amendments to the Exclusive Economic Zone Act and the finalisation of the Offshore Renewable Energy Policy, have laid strong foundations for growth.
Upcoming initiatives, including Malta’s Action Plan for Sustainable Aquaculture, set the stage for balanced economic, environmental, and social development.
Whilst the benefits are clear, advancing the blue economy presents complex challenges, particularly as an evolving area.
Given its deep interactions with Malta’s social and environmental fabric, robust management practices are essential to mitigate risks such as those connected to climate change and social conflicts. Indeed, as the focus on marine resources grows, it becomes important to balance economic ambitions with sustainability.
Building a resilient blue economy also hinges on collaboration between policymakers, businesses, and communities to create frameworks that unlock potential whilst supporting long-term sustainability. As organisations face these complexities, they can benefit from expert guidance to navigate challenges and seize opportunities.
At KPMG in Malta, we are committed to supporting this journey. Our capabilities and experience uniquely position us to guide organisations through the intricacies of the blue economy and other evolving industries.
We are dedicated to collaborating closely with businesses and governments to drive sustainable growth in a dynamic and ever-changing future landscape.
Contact karlaquilina@kpmg.com.mt to discuss further.