The PAMEx Local Investment Finance Facility (PLIFF) officially launched on 6 December 2022 following the official signing of its founding charter at the Forum Méditerranée du Futur held in Marseille, France. PLIFF is a financial mechanism created under the umbrella of the initiative titled “PAMEx: The Mediterranean: a model sea by 2030“.
The Mediterranean Action Plan of the United Nations Environment Programme (UNEP/MAP), a founding member of PLIFF, hosts the technical Secretariat of PAMEx.
PLIFF has been introduced to support the translation of PAMEx’s objectives into progress in the field, in line with the objectives of the UNEP/MAP-Barcelona Convention system, and other relevant regional and global commitments undertaken by Mediterranean countries.
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Here are three facts about PLIFF and how it will operate:
1. The Facility is aligned with the objectives of PAMEx
Initiated by the R20 Foundation with a consortium of partners, PLIFF is an innovative way of ensuring that funding is channeled to projects serving the aims of PAMEx under three main themes:
- the preservation of marine and coastal biodiversity in the Mediterranean;
- fighting marine pollution with a view to ensuring that no plastic is discharged into the Mediterranean by 2030;
- promoting maritime transport practices that protect the marine environment and combat climate change.
2. The Facility will provide means of implementation to attain PAMEx objectives
The implementation of PAMEx by 2030 will require adequate and predictable funding coupled with technology development and capacity building on both shores of the Mediterranean. The establishment of PLIFF responds to the need for an efficient fiduciary arrangement to secure the mobilisation and the disbursement of the necessary financial resources.
PLIFF brings an unprecedented level of ambition in the Mediterranean basin: 1 billion euros. The mobilised resources will be a blend of public and private finance and an assortment of financial instruments, including equity, debt, bonds and guarantees.
3. A focus on concrete action
The projects funded by PLIFF will be selected through a rigorous appraisal undertaken by the members of the PLIFF Consortium based on well defined impact indicators. The goal is two-fold: prevent green-washing and ensure verifiable, certifiable impact.
A first selection of eligible recipients includes the electrification of ten Mediterranean ports and the strengthening of green hydrogen production and distribution capacity, the restoration of ecosystems and several municipal waste management projects.
