During the Third United Nations Ocean Conference (UNOC3) held in Nice, France, Spain announced an €8.5 million investment into the Blue Mediterranean Partnership (BMP). This multi-donor fund, established by the Union for the Mediterranean (UfM), aims to mobilize sustainable investments in the blue economy across the Southern Mediterranean and Red Sea regions.
The BMP will finance initial projects including a wastewater treatment facility in Alexandria, Egypt, Morocco’s first offshore wind farm, and coral ecosystem restoration in Jordan. These initiatives align with the UfM’s commitment to promoting sustainable marine resource use, which is critical for socioeconomic development in the region.
At the event titled ‘Charting the path towards sustainable blue economy: the Mediterranean leading the way,’ various stakeholders including government officials, development agencies, and private sector representatives presented innovative financing methods, advanced technologies, and scalable initiatives. The UfM’s focus areas also include maritime clusters, decarbonization, marine biodiversity, blue jobs, renewable energy, sustainable tourism, pollution prevention, and circular economy enterprises.
Since the adoption of the 2015 UfM Ministerial Declaration on Sustainable Blue Economy and its 2021 follow-up, over €500 million has been mobilized for more than 250 regional projects. Andrea Tinagli, principal advisor and representative of the European Investment Bank (EIB) to the UfM, described BMP as a collaborative initiative that supports sustainable blue economy projects in the Mediterranean. The fund primarily targets investments in wastewater treatment, waste management, and sustainable aquaculture, aiming to mitigate pollution and enhance sustainability in these sectors.
Launched at COP27 in Egypt in 2022 and reinforced at COP28 in Dubai, BMP seeks to attract private sector investment by providing early-stage support for fully bankable projects. Camilla Otto, director of donor co-financing at the European Bank for Reconstruction and Development (EBRD), emphasized BMP’s role in establishing supportive environments through strategic policy and regulatory framework development.
Adonai Herrera-Martinez, EBRD’s director of environment and sustainability, noted that effective policy and regulatory reforms are essential to accelerate nature-based solutions and boost investments in the sustainable blue economy. Ewa Manik, associate director for Eastern Europe Energy Efficiency and Environment Partnership at EBRD, stated that BMP connects various stakeholders to achieve a sustainable blue economy, reducing investment risks and costs via technical assistance and capacity building.
Delilah Al-Khudhairy, director for Maritime Policy and Blue Economy at the European Commission, highlighted the Mediterranean’s essential role and the financial support needed for its initiatives. She remarked that BMP strengthens connections with EU Southern Neighbourhood countries.
Sara Agasen, Spain’s Minister for Ecological Transition and Demographic Challenge, called the Mediterranean a biodiversity hotspot that supports millions of livelihoods and stressed the urgency of protecting its marine ecosystems.
Nasser Kamel, secretary general of the UfM, emphasized the importance of preserving marine ecosystems for the well-being of millions in the Mediterranean. He praised the region’s sustainable blue economy community as an example for the world and reiterated UfM’s commitment to fostering political and technical dialogue among its 43 member states. Kamel stated, ‘In the face of geopolitical unrest, sustainable blue economy unites us despite differences.’ This investment and partnership mark a key advancement towards sustainable development in the Mediterranean.
