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The European Commission has partnered with The European Investment Fund (EIF) to finance early-stage businesses, SMEs and scale-ups that are developing technologies to help tackle climate emergency.

The two parties have launched a €75 million equity investment fund for the blue economy. The BlueInvest Fund will be managed by EIF and will finance renewable energy, sustainable seafood, blue biotechnology and maritime IT projects.

Virginijus Sinkevičius, European Commissioner for Environment, Oceans & Fisheries, 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 European Green Deal and ensuring economic growth of European SMEs developing innovative and sustainable products and services.”

EIB Vice-President, Emma Navarro, responsible for the Blue Economy, said: “Oceans are vital for life on Earth. But oceans are under threat and need to be protected. This is why we are 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. The BlueInvest fund that we are launching today will give an important contribution to mobilize private investments to this sector and to get critical projects off the ground. It marks another important partnership between the EIF and the European Commission. ”

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The blue economy is expected to play an important role in the transformation to a carbon-neutral economy by 2050, an ambition announced in the European Green Deal.