The Blue Mediterranean Partnership: Advancing a Sustainable Future
By the UfM Secretary General, Nasser Kamel.
Published in Almasry Alyoum, Al Ra’i, Assahra Al Maghribiya and Eureporter.
At the recent COP28 in Dubai, we made concrete progress in our global efforts to combat climate change and protect our shared environment. For the Union for the Mediterranean (UfM), a key moment at COP28 was the signing of the Blue Mediterranean Partnership (BMP) Statement of Intent, which signifies a cooperation agreement, with the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the European Commission (EC), Agence Française de Développement (AFD), Cassa Depositi e Prestiti (CDP), Kreditanstalt für Wiederaufbau (KfW) as well as other donors and beneficiary countries. Central to the BMP is its Cooperation Fund, which represents a pivotal step towards a more sustainable future for the southern Mediterranean and Red Sea regions by initially mobilising an estimated €1 billion in investments for Blue Economy projects. Significantly, the UfM, which was one of the first champions of this vital initiative, will serve as a member of its governance body among contributing parties.
As we all know, climate change has profound implications and the need for environmental sustainability is critical. The Mediterranean region, with its beautiful coastlines and diverse ecosystems, is increasingly exposed to rising sea levels, water scarcity, and extreme weather events. Climate change further accelerates environmental risks, putting additional stress on coastal infrastructure and activities. This will not only have an impact on national economies, but on vulnerable local communities that depend on the sea for their economic survival too.
With this in mind, the Blue Mediterranean Partnership was born out of a shared commitment to addressing the environmental threats the Mediterranean faces. It is more than just a partnership; it is a collaborative force aimed at coordinating interventions and leveraging resources to nurture a sustainable Blue Economy on the southern shores of the region. It is also a response to growing international concern surrounding the scale and speed of marine ecosystem degradation resulting in serious negative impacts on the economy and the livelihoods of coastal communities.
At the heart of this initiative is the creation of the multi-donor Blue Mediterranean Partnership Cooperation Fund. Initially mobilising an estimated €1 billion in investments, donors will provide crucial financial support in the form of technical assistance and grants for Blue Economy projects that address pressing environmental concerns in the region, such as plastic waste reduction, coastal resilience, sustainable tourism, wastewater treatment, circular economy, and marine biodiversity. And although the signing ceremony at COP28 saw donors, including the Swedish International Development Cooperation Agency (Sida), the EC, and AFD, pledge a total of around €10.5 million in grants, more contributions are expected in the coming months, and the fund aims to secure between €50 million and €100 million.
Beyond being forming part of the Partnership’s steering committee, the UfM will play a central role by facilitating political and regulatory dialogue among all members. It will also support capacity building and the strengthening of institutions while backing policy reform to create an environment that is conducive to successful Blue Economy projects. This is essential when it comes to fostering effective coordination and cooperation among all parties and, by extension, to capitalising on opportunities for sustainable Blue Economy investments.
Beneficiary countries will be central to this process as tapping into their knowledge and expertise is key to ensuring the Partnership has a long-lasting impact, meaning they will take the lead in identifying strategic initiatives in their territories. Multilateral Development Banks and other financial institutions, meanwhile, will manage the grants and provide financing when projects become bankable. Operations will start in early 2024, with a focus on projects in Egypt, Jordan, and Morocco, before becoming fully operational in 2025 in time for the UN Ocean Conference.
As we celebrate the signing of the BMP cooperation agreement, it is imperative to acknowledge the collective efforts of our partners, who have set the stage for transformative change by combining Multilateral Financial Institutions and commercial financing with concessional co-financing, policy engagement and technical assistance for Blue Economy projects. Their financial contributions and commitment to sustainable development exemplify the power of international collaboration in the face of global challenges, making a lasting impact on the lives of millions living along the southern Mediterranean and Red Sea coastlines. This collaborative effort demonstrates the shared responsibility and determination of nations and institutions to address the climate emergency and protect the delicate ecosystems of the Mediterranean.
Sustainable development is key to unlocking the economic growth potential of the wider Mediterranean region and the Blue Mediterranean Partnership, with the support of its partners, is well positioned to deliver concrete results that will improve the lives of millions of people. The Blue Mediterranean Partnership is therefore a beacon of hope, a symbol of collaboration, and a testament to our collective resolve to protect the Mediterranean and Red Sea ecosystems. The challenges ahead are formidable, but with our strong Partnership leading the way, we are heading towards a more sustainable and prosperous future for the Mediterranean.
Nasser Kamel
Nasser Kamel is the Secretary General of the Union for the Mediterranean.
