Vice-President Ricardo Mourinho Félix at BlueInvest Day 2023

Dear all,

Let me start by thanking the European Commission and Commissioner Sinkevicius for inviting the European Investment Bank Group to the BlueInvest Day.

Though I’m not being able to join you today, I wanted to address you.

The Blue Economy is at the heart of the climate and economic agenda.

We are at a crucial moment.

Member States, policy makers, investors and innovators recognise the central role our Oceans and Seas play to achieve the ambition set by the EU Green Deal and the United Nations Sustainable Development Goals.

But we also recognise that there is still a lot to be achieved for this growing Wave not slowing down when reaching our European coastlines, due to the challenges we still need to overcome.

Ocean based technologies and solutions are key to support the decarbonization and allow us to meet the net zero objective.

To increase circular economy goals and addressing ocean pollution problem.

Their development still faces many barriers that make them expensive and less viable economically.

A harsh environment, resource-demanding testing, and long development cycles explain why few projects in Europe are currently bankable. Actions need to be taken to accelerate the deployment of ocean technologies.

This is critical for sustainable economic growth and job creation, but also to the European strategic autonomy.

 

Dear all,

We are all stakeholders.

The public sector will not make it alone. Alone, public resources will never be more than a drop in the ocean.

The size and complexity of the opportunities and challenges in the blue economy are immense.

This means that we need every actor, every one of you in this room, to get engaged.

Entrepreneurs and investors, the public and private sector, national and local authorities.

The European Investment Bank, the European Investment Fund and the European Commission have been supporting the Blue Economy for long and stand ready to develop more financial instruments to bridge financing and investing gaps.

Addressing such needs require to better integrate all available funding instruments at European level.

To support the implementation of more innovation in the Blue Economy.

To share risk in projects and be able to crowd-in private investors.

We have many successful examples where such cooperation was fruitful.

To build up on the success cases implemented in close cooperation, with the European Investment Bank operating under mandates and partnerships with the European Commission which delivered impactful results.

It was the case of the offshore wind energy, where, with the support of the European Commission, the European Investment Bank has financed several demonstration projects which are now flagship case studies.

We financed offshore wind since the first turbines were installed at sea, by investing in the first large scale offshore wind farm in the world in 2003 and have since then supported nearly a third of the offshore windfarms in Europe.

Later in 2018, we supported the first continental European floating offshore wind project. The WindFloat Atlantic, off the coast of Portugal. And last year we have financed 3 demonstration floating offshore wind farms plants in France, making the EIB once again the main provider of financing to these new and innovative technologies.

But not only lending is needed. More equity investment at early stages of companies’ life is needed.

The recent example of the BlueInvest platform, enabled by the European Maritime, Fisheries and Aquaculture Fund, is a positive step forward.

It provides investment readiness support and access to finance for early-stage businesses, SMEs and scale-ups and the EIF is supporting this effort by raising significant funding to the benefit of ocean technologies, with the launch of additional Venture Capital funds.

And we have the means to also bring more solutions on the advisory front.

EIB Advisory Services stand by to find the best way to support the EC EU Mission on Restore Our Ocean and Waters, in particular on the identification of a potential lending pipeline of innovative Blue Economy projects to receive EIB financing and in supporting the future blue champions that are much needed in our Continent.

 

Looking forward, we need to be bolder and the EIB will be ready to step up its contribution to the development of the Blue Economy.

We should go further towards integrating all European funding mechanisms to avoid having them at a disadvantage with respect to, other, for instance American, counterparts.

As I use to say, we bring key productive factor for innovation: patience and risk bearing capacity and a will to contribute to the political dialogue.

We know that challenges are considerable, but I’m also confident that if we work together and make smart use of our resources, we will keep our wave growing!

Thank you very much.

I wish you productive discussions through day and the EIB and EIF colleagues are present today to address your questions.