BlueInvest Fund to unlock potential of EU's blue economy
Virginijus Sinkevicius - Photo EC
(BRUSSELS) - The EU Commission with the European Investment Fund launched the BlueInvest Fund Tuesday, to provide financing to equity funds that support economic activities related to oceans, seas and coasts.
The BlueInvest Fund will be managed by the EIF and will provide financing to underlying equity funds that strategically target and support the innovative blue economy.
The Commission sees this sector as playing an important role in the transformation to a carbon-neutral economy by 2050, an ambition announced in the 'European Green Deal'. The new programme is backed by the European Fund for Strategic Investments, the financial pillar of the Investment Plan for Europe.
"Oceans are the first in line to be hit by climate change," said Fisheries Commissioner Virginijus Sinkevicius, "but they also hold many solutions to tackle climate emergency in every single marine industry, from fisheries and aquaculture, to offshore wind, wave and tidal energy, blue biotechnology and many other innovation-related fields."
The blue economy includes economic activities related to oceans, seas and coasts. It ranges from companies in the marine environment to land-based businesses producing goods or services that contribute to the maritime economy.
The EU executive says the blue economy harbours many promising early-stage ventures and companies – often emanating from EU-funded R&D programmes. These companies develop solutions for renewable energy, sustainable seafood, blue biotechnology, maritime IT and much more.
The new fund is complemented by the European Commission's BlueInvest platform, which supports investment readiness and access to finance for early-stage businesses, SMEs and scale-ups. Through the European Maritime and Fisheries Fund, the Commission also funds an additional €40 million grant scheme, to help blue economy SMEs with developing and bringing to market new innovative and sustainable products, technologies and services.
EIB Vice-President Emma Navarro said this was an important contribution to developing "innovative financing solutions to support the Blue economy. Solutions that allow us to provide financing for protecting the oceans and to turn the seas into a sustainable economic resource."