The European Commission is to deepen its cooperation with the European Investment Bank Group to help finance a sustainable maritime economy as part of Europe’s Green Deal recovery plan.

The commission has urged European Union member states to include investments for a sustainable blue economy in national recovery plans and operational programmes for EU funds from now to 2027.

Increased financial cooperation will include partners in the banking group: the European Investment Bank and the European Investment Fund.

In a communication to the European Parliament, the EC warned that a third of investments in the blue economy could still be unsustainable by 2030, the year by which by the EU aspires to have reduced greenhouse gas emissions by at least 55% of 1990 levels.