European Commission and European Investment Fund launch €75 million BlueInvest Fund

During the BlueInvest Day conference in Brussels, the European Commission and the European Investment Fund launched the BlueInvest Fund. This is a €75 million equity investment fund for the blue economy which will be managed by the EIF and provide financing to underlying equity funds that strategically target and support the innovative blue economy. 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. This sector will play an important role in the transformation to a carbon-neutral economy by 2050, an ambition announced in the European Green Deal. The BlueInvest Fund is backed by the European Fund for Strategic Investments, the financial pillar of the Investment Plan for Europe. Commissioner for Environment, Oceans and Fisheries, Virginijus Sinkevičius, said: “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. A €75 million equity investment fund is a tool to unlock the potential the blue economy holds both in contributing to the Green Deal and ensuring economic growth of European SMEs developing innovative and sustainable products and services.” A press release is available here. You can find more information on the Commission’s BlueInvest initiative here.