Inspired by Spotify Wrapped 2022, EU WeMED_NaTOUR created a “Good News in the Blue Economy Sector 2022” wrap up, celebrating the progress of each step towards a more resilient blue economy, and healthier marine/ coastal sites in this present year!

The European Investment Bank (EIF) is committing €250 million with five equity funds to mobilise €2.5 billion of climate action and environmental sustainability investment across Europe: Growth Blue Fund I, PureTerra Ventures, Zintinus Fund I, SUMA Capital Climate Impact Fund III and Eiffel Transition Infrastructure Fund.

The funds will invest in food innovation, renewable energy, energy efficiency, the circular economy, blue economy and water.

The EIF had committed €28 million to the Growth Blue Fund I, a private equity fund focusing on the blue economy, sustainable economic activities relating to the oceans. It will mainly invest in Portuguese small and medium companies across all sectors.

Manager at Growth Blue Miguel Herédia said: “Growth Blue shares the vision of a more sustainable economic model and the decarbonisation of our societies and production methods. We are certain that the ocean will play a critical role in this transition since it is one of the few alternatives to produce protein, energy or new materials to supply an increasing demand boosted by a growing population. We also need to protect the ocean from the impact of the world's current economic model. We believe we can do this by providing both sustainability and returns for our investors.”

8 November 2022 at the 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, which aims to support the transition to a sustainable blue economy in the European Union’s Southern Neighbourhood countries in the Mediterranean region. This partnership, which will be accompanied by a new financial vehicle to accelerate investment in the blue economy for the Mediterranean, has received wide political support, including from the European Commission.

The Blue Mediterranean partnership 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.

The partnership 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. Egyptian Minister of Environment Yasmin Fouad underlined the critical importance of the sustainable blue economy for the future development of Egypt, and the full alignment of the Blue Mediterranean Partnership with Egypt’s new National Climate Change Strategy 2050. Likewise Jordan expressed hopes that the Partnership would increase financing opportunities alongside the policy reforms, with a focus on protecting water ecosystems and resources.

The Ocean 20 (O20) was launched during the G20 summit in November 2022. The O20 will provide a platform for G20 countries’ political leaders, local and indigenous communities, civil society and private sector, to advance action for ocean solutions through the following:

• Address the current gaps in ocean governance and set the grounds for ocean protection and restoration, and the development of a sustainable ocean economy and conservation benefitting societies and communities
• Scale up promising solutions for developing the key sectors of the sustainable ocean economy and conservation, in line with the priorities of each country’s agenda and fostering cross-sector collaboration
• Address disparities in jobs in ocean-related industries, putting an end to the substantial segregation of work and pay by gender, as well as favouring the transition to more inclusivity and equity in the ocean space, effectively transition to a “just ocean”

The Blue Economy for Resilient Africa Programme was announced at COP27 and will provide multi sectoral analytical, financial, and policy support to Africa’s coastal countries and island states to help them leverage the opportunities—and manage the risks—inherent in scaling up their Blue Economies.

The sustainable development of blue economies in Africa needs focused and decisive action to make progress on four cross-cutting areas: institutional development and governance; spatial planning; data management and knowledge creation and dissemination; and financing. The long-term sustainable development benefits of a resilient Blue Economy will be substantial, not least of which for the people whose jobs and livelihoods depend on healthy ocean ecosystems. Here are the main 3 priorities:

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  Reform institutional coordination platforms to accelerate large-scale investments, enhance their sustainability and resilience, and support private-sector growth through innovative financing mechanisms.
• Strengthen regulations, enforcement, and transparent data collection and sharing for informed decision making by government agencies, large and small private companies, and communities.
• Investment in public goods financing and stakeholder capacity to roll out various actions, including biodiversity conservation, fisheries management, and pollution and marine plastic reduction