Westpac NZ has announced a new three-year partnership with the Nelson Regional Development Agency (NRDA) and Kernohan Engineering to help accelerate the development of a sustainable marine economy - also known as the blue economy.
The partnership will include a dedicated workspace for blue economy businesses - to be called The Blue House - in the heart of the Nelson Port and Marina. The workspace will include administrative support for start-ups and businesses transitioning to sustainable ocean activities. The aim will be to help them to work on initiatives, collaborate, build networks and host events designed to accelerate the growth of the blue economy.
Reuben Tucker, Westpac NZ Managing Director Institutional & Business Banking, says the blue economy is a focus for Westpac.
"Our oceans play a vital environmental, economic and cultural role. Helping customers shift to a sustainable blue economy is key to meeting global market requirements, boosting regional growth, and safeguarding our oceans. This is a major opportunity for Aotearoa New Zealand," Mr Tucker says.
"We want to partner with businesses, Government and iwi to ensure the sustainable future of our oceans as well as grow the economy. We're delighted to be working with the NRDA and Kernohan on the Blue House."
Kernohan is providing the use of the Blue House property to the NRDA rent-free to support blue economy businesses to establish their operations in the Blue House, while Westpac and the NRDA will fund the oversight and coordination of the hub. The Blue House will also be the physical home of Moananui - a not-for-profit alliance of New Zealand organisations that share a commitment to growing sustainable ocean-related business opportunities.
Earlier this year, Westpac's economics team published the A Sustainable Marine Sector report which estimated that marine activity currently contributes at least $10bn to the New Zealand economy, but that had the potential to rise to $14bn by 2035.
Fiona Wilson, CEO NRDA, says encouraging investment and innovation in sustainable blue economy activity will benefit the Nelson Tasman region as well as having flow-on effects for businesses and communities throughout the country.
"We have so many inspiring businesses already involved in the blue economy and it's our hope that the Blue House will support even more to get started to help build the pipeline of growth in this important sector of our economy," Ms Wilson says.
"We're delighted to be working with Westpac and Kernohan in this initiative which we hope will be a proof point to scaling it up in the future."
Paul Miller, Chief Executive Kernohan Engineering, agrees there's considerable potential for growth.
"As a marine engineering business, we're seeing firsthand how important it is to invest in regional growth that is both resilient and sustainable. Collaboration will be key to the success of the blue economy and the Blue House will provide a venue to bring together all stakeholders who stand to benefit from the growth of the sector," Mr Miller says.
Nelson Mayor Nick Smith welcomes the partnership announcement.
"This initiative is awesome news for Nelson after such a tough year and feels, as Mayor, like the perfect Christmas gift for the city. Our biggest economic development opportunity is with our marine sector and this three-way, three-year partnership between Westpac NZ, Kernohan Engineering and Council's economic development agency will help grow our Blue Economy.
"The timing is bang-on with two major boat travel lifts - one at the marina and another at the port - due for completion next year. These will give us the improved infrastructure to grow our marine sector while the Blue House initiative will help deliver the parallel business development work."
The Blue House will officially open in early 2026, but conversations with local blue economy businesses about how they might use the space have already started.
"Our oceans are an incredibly precious taonga. By working together, we believe we can safeguard their resources for generations to come," Mr Tucker says.
