At COP27 in Sharm el-Sheikh, the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB) and the Union for the Mediterranean (UfM) announced the creation of the Blue Mediterranean Partnership, with the aim of supporting the development of a sustainable blue economy in the region of European Union’s Mediterranean neighbours to the south.
The Blue Mediterranean partnership aims to create a new financial vehicle, pooling contributions from donors and beneficiary countries in the region, to provide both capital expenditure and technical assistance grants for sustainable blue economy projects, that will help close an estimated €6 billion investment gap in the next eight years.
This is the partners’ response to the commitments made at EU level to fully integrate the blue economy into the Green Deal, the priorities outlined in the EU’s new Agenda for the Mediterranean, the Union for the Mediterranean ministerial declaration on sustainable blue economy and the UfM blue economy agenda as well as to the environmental challenges faced by the Mediterranean region. This partnership has received wide political support, including from the European Commission.
It aims to bring together international donors, beneficiary countries, interested financial institutions and philanthropies to support policy reforms, attract donor funding and mobilise public and private financing for projects initially in Egypt, Jordan and Morocco.
‘With the Red and Mediterranean Seas, the Suez Canal and River Nile, Egypt understands the critical importance of sustainable blue economy for the future development of our country. As host of COP27, we want to stress the integral role of the seas and oceans in climate action. The proposed Blue Mediterranean Partnership is fully aligned with our new National Climate Change Strategy 2050 and we are keen to cooperate with international partners and IFIs,’ said Egypt’s minister of environment and COP27 envoy H.E. Dr. Yasmine Fouad.
The Mediterranean is a recognised marine biodiversity hotspot and a vital resource of economic activities for 480 million people living in the region’s 22 countries. This is the fifth largest economy in the region after France, Italy, Spain and Turkey, generating an annual economic value of more than US$450 billion.
The Blue Mediterranean partnership will promote the Sustainable Blue Economy Finance Principles (SBEFP), the world’s first global guiding framework ensuring alignment of investments with the United Nations (UN) Sustainable Development Goal 14 ‘life below water’.
Achieving these goals, the Partnership aims to support and attract investments in the sustainable blue economy and policy reforms, prioritising innovation and including where possible, natural capital and nature-based solutions for climate mitigation and adaptation. Financing of wastewater treatment facilities, solid waste management and plastic waste reduction, will help reduce pollution going to the sea, decrease pressure on fisheries through sustainable aquaculture, improve coastal resilience investments, and reduce emissions through sustainable marine mobility.
