Blue Mediterranean Partnership gains momentum with €1 billion investment pledge at COP28

The Blue Mediterranean Partnership, a collaborative initiative aimed at fostering a sustainable blue economy in the Mediterranean region, has received a substantial boost with key stakeholders, donors, and beneficiary country representatives signing a letter of intent at COP28, vowing to make the partnership operational in early 2024.

The cooperation deal marks a significant step towards realizing the partnership’s goals, with a focus on mobilizing at least €1 billion in investments.

Partners and donors participating in the Blue Mediterranean Partnership include the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), the Union for the Mediterranean (UfM), the European Commission, Agence Française de Développement (AFD), and others.

The overarching objective of the Blue Mediterranean Partnership is to address the threats facing the Mediterranean Sea by coordinating financing for blue economy projects in the Mediterranean and Red Sea regions. Initially concentrating efforts on Egypt, Jordan, and Morocco, the Partnership aims to combat habitat loss, over-fishing, pollution, and climate change challenges.

A new multi-donor fund, managed by the EBRD, will play a pivotal role in securing additional funding for project preparation and blended finance. The European Commission, during the COP28 event in Dubai, announced a €1 million contribution, with additional pledges from the Swedish International Development Cooperation Agency (Sida) and Agence Française de Développement (AFD). Germany and Spain are also expected to announce donations in the coming months, with more donors anticipated to follow suit.

Implementing financial institutions, including EIB, AFD, KfW, CDP, and EBRD, will collaborate to co-finance blue economy projects. These projects will benefit from grants provided by the Partnership, along with leveraging existing financial resources from the European Commission through the Neighbourhood Investment Platform and the European Fund for Sustainable Development Plus.

Beneficiary countries—Egypt, Jordan, and Morocco—will actively lead the identification of strategic blue economy projects in their respective territories, while UfM will facilitate political and regulatory dialogue.

“The Mediterranean region has tremendous potential to spur economic growth if it is protected and developed sustainably,” EBRD President Odile Renaud-Basso said highlighting the importance of collaborative efforts in addressing challenges for the benefit of millions in the region.

“Enabling infrastructure investment in wastewater treatment, marine renewable energy and sustainable shipping that protects marine resources and creates much-needed jobs is directly in line with Sweden’s development priorities for the MENA region. Sida’s support to the Blue Mediterranean Partnership will contribute to regional economic integration and it will be an important vehicle for mobilizing climate finance to vulnerable coastal areas,” Sida Director-General Jakob Granit said.

Launched at COP27 in 2022, the Blue Mediterranean Partnership has garnered strong political backing from beneficiary countries and partners. With the Mediterranean Sea facing threats from habitat loss, over-fishing, pollution, and climate change, the Partnership strives to unite international donors, beneficiary countries, financial institutions, and philanthropies.

Its key goals include supporting sustainable blue economy investments, enhancing capacity for innovative practices, and fostering enabling environments. Priority areas encompass plastic waste reduction, coastal resilience, sustainable tourism, wastewater treatment, circular economy initiatives, and marine biodiversity protection.