GLOBAL – The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) have unveiled a fresh commitment of up to €1 billion (US$1.09bn) in guarantee support for green investments.
This declaration surfaced during the “High-level Roundtable on Euro-Mediterranean Clean Tech Cooperation,” a side event convened at COP28.
This infusion of funds will elevate lending to a spectrum of projects spanning diverse economic sectors, encompassing energy, municipal infrastructure, industry, construction, and logistics.
The backing for this funding will be facilitated by the EU’s European Fund for Sustainable Development Plus (EFSD+), reinforcing its support.
To accelerate the adoption of climate technologies, €168 million (US$182.54m) in EFSD+ guarantees will be channeled.
This financial injection aims to expedite the integration of innovative yet underutilized climate-change-mitigation technologies, particularly in regions where EBRD operates outside the EU, encountering significant barriers.
Additionally, €60 million (US$65.19m) in EFSD+ guarantees will be specifically directed towards sustainable infrastructure initiatives.
These guarantees are earmarked to fortify green investments in industrial, construction, and transportation sectors.
They will encompass measures promoting circular economy practices and enhancing energy efficiency across Eastern Europe, the Caucasus, the southern and eastern Mediterranean region, and Türkiye.
Jürgen Rigterink, EBRD’s First Vice President, expressed immense satisfaction with this milestone, highlighting its pivotal role in accomplishing ambitious climate finance objectives and reinforcing support for the United Nations’ Sustainable Development Goals.
He emphasized that in collaboration with the EU, their collective efforts will not only boost critical green investments but also foster a sustainable future for communities spanning EBRD regions.
Blue Mediterranean Partnership’s efforts in the blue economy
In another development, stakeholders and contributors engaged in the Blue Mediterranean Partnership reaffirmed their commitment to nurturing a sustainable blue economy in the southern Mediterranean region.
This coalition formalized its involvement by signing a letter of intent, marking the Partnership’s forthcoming official establishment and operational kickoff slated for early 2024.
The primary objective of the Blue Mediterranean Partnership is to combat the challenges faced by the Mediterranean Sea by orchestrating funding for blue economy projects in the Mediterranean and Red Sea areas, focusing initially on Egypt, Jordan, and Morocco.
This initiative, backed by a fresh multi-donor fund managed by the European Bank for Reconstruction and Development (EBRD), aims to attract additional financing from sovereign donors for project preparation and blended finance.
At COP28, the European Commission pledged €1 million (US$1.09m), while the Swedish International Development Cooperation Agency (Sida) contributed SEK 75 million (US$7.06 million), and the Agence Française de Développement (AFD) committed €2 million (US$ 2.17m).
Further donations from Germany and Spain are anticipated in the coming months, with other donors expected to follow suit.
Launched in 2022 at COP27 in Egypt, the Blue Mediterranean Partnership has garnered substantial political backing from beneficiary countries and partnering entities.
The Mediterranean Sea basin, a recognized marine biodiversity hub, is a vital economic resource for the 22 countries and 480 million people inhabiting the region. However, its ecosystem faces threats from habitat degradation, overfishing, pollution, and climate change.
The Partnership endeavors to unify international donors, beneficiary countries, interested financial institutions, and philanthropic organizations to advocate policy reforms, attract donor funding, and mobilize both public and private financing for projects in the region.
Key objectives of the Partnership encompass supporting sustainable blue economy investments that attract public and private sector finance, enhancing capacity in sustainable and innovative practices, fortifying the design and execution of projects, and fostering conducive environments for sustainable blue economy investments by aiding in strategy formulation, policy development, and regulatory framework reinforcement.
The priority areas for the Partnership’s focus entail initiatives targeting plastic waste reduction, investments in coastal resilience, sustainable tourism, wastewater treatment, circular economy practices, and marine biodiversity conservation.
For all the latest packaging and printing industry news from Africa and the World, subscribe to our NEWSLETTER, follow us on Twitter and LinkedIn, like us on Facebook, and subscribe to our YouTube channel.
