Commission announces massive investment fund for the blue economy

Portfolio
The European Commission and the European Investment Fund (EIF) have announced on Tuesday the launch of the BlueInvest Fund, a 75 million euro equity investment fund for the blue economy. The blue economy includes economic activities related to oceans, seas and coasts.
Tenger

During the BlueInvest Day conference in Brussels, EIB Vice-President Emma Navarro and Virginijus Sinkevičius, Commissioner for Environment, Oceans and Fisheries, launched a EUR 75 million equity investment fund for the blue economy.

he BlueInvest Fund will be managed by the European Investment Fund and will provide financing to underlying equity funds that strategically target and support the innovative blue economy.

"This sector can play an important role in the transformation to a carbon-neutral economy by 2050, an ambition announced in the European Green Deal," the European Commission said in a statement. The new programme is backed by the European Fund for Strategic Investments, the financial pillar of the Investment Plan for Europe.

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 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 EUR 40 million grant scheme, to help blue economy SMEs with developing and bringing to market new innovative and sustainable products, technologies and services.

Oceans are the first in line to be hit by climate change, 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

, commented Virginijus Sinkevičius, European Commissioner for Environment, Oceans & Fisheries.

"A EUR 75 million equity investment fund is a tool to unlock the potential the blue economy holds both in contributing to the European Green Deal and ensuring economic growth of European SMEs developing innovative and sustainable products and services,” he added.

"The investments in the Blue Economy sector we signed today show how public funds in the EU can be deployed to attract private investment and catalyse the development of this sector," said EIF Chief Executive, Alain Godard.

BlueInvestis a European Commission initiative that aims to improve access to finance and investment readiness for start-ups, early-stage businesses and SMEs active in the Blue Economy. Its features include an online community, investment readiness assistance for companies, investor engagement, events, an academy and a projects pipeline.More informationhere.

Cover photo by: Omar Marques/SOPA Images/LightRocket via Getty Images

 

More in Business

mercedes
May 30, 2024 11:00

Mercedes plant in Hungary posts record revenue and profit

Car output up but far from 2017 record

Nitrogenmuvek Bige Laszlo
May 29, 2024 12:31

Nitrogénművek management speaks out after action by two credit rating agencies

Troubled Hungarian fertiliser producer working on a new refinancing strategy

újautópiac, autóvásárlás, kgfb, autópiac,
May 29, 2024 11:30

Motor third-party liability insurance premiums up 11% on average in Hungary

National average at HUF 56,000, Budapest residents much worse off

May 24, 2024 13:13

Wizz Air target price cut in the wake of flash report

No-frills airline turns profitable for the first time since 2020

akkumulátor
May 24, 2024 10:50

Hungary Economy Minister discusses battery industry in Brussels

Márton Nagy sees three main challenges that need solution in the short term

autók autóipar színes autók
May 24, 2024 10:30

New passenger car registrations rise by more than 20% in Hungary in April

EU registrations recover after March decline

LATEST NEWS

Detailed search