Towards Mediterranean Green and Sustainable Finance Guidelines: A Common Framework for Classifying Sustainable Activities, Building Prerequisites, and Closing the Regional Transition Divide
About PLAN BLEU
In 1976, the Mediterranean-rim countries and the European Community adopted the Barcelona Convention to protect the marine environment and its coastal areas. Recognizing the necessity for collective action to address development and environmental challenges, the signatory countries have made sustainability a central pillar of regional cooperation. Plan Bleu, established by France in 1977, is one of the Regional Activity Centres of the Mediterranean Action Plan (MAP) under the United Nations Environment Programme (UNEP). Its biennial work program is approved by the Contracting Parties to the Barcelona Convention, reflecting shared priorities for the region’s sustainable future. Plan Bleu’s core mission is to produce forward-looking studies, scenarios, and policy recommendations to raise awareness among Mediterranean stakeholders and decision-makers about key environment and sustainable development issues. Through its research and convening power, Plan Bleu supports the region’s transition to sustainability, aligning its efforts with global frameworks such as the Sustainable Development Goals (SDGs), the Mediterranean Strategy for Sustainable Development (MSSD), OECD guidelines, and the European Union’s taxonomy for sustainable activities.
1. Background and Context: The Mediterranean Sustainable Finance Continuum
The Mediterranean basin is one of the world’s most vulnerable climate hotspots, warming 20% faster than the global average (MedECC 2020; UNEP/MAP and Plan Bleu 2020). Addressing this requires a realignment of fiscal and financial flows across both Northern and Southern shores. To guide regional decision-makers, Plan Bleu launched a multi-year research agenda, the Sustainable Finance Series, under the Barcelona Convention system and aligned with the Mediterranean Strategy for Sustainable Development (MSSD 2026–2035). Act IV builds on the first three volumes:
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ACT I — Unraveling Environmentally Harmful Subsidies (2024): Showed that the region suffers from a misallocation problem rather than mere capital scarcity. It discussed a framework for reforming/repurposing harmful subsidies, to phase out fossil fuel and capacity-enhancing fisheries subsidies, freeing up public fiscal space while protecting vulnerable populations.
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ACT II — Green Public Finances, Taxation, and Economic Tools (2025): Evaluated tools such as Pigouvian taxation, differentiated carbon pricing corridors, green bonds, and Conservation Trust Funds. It showed that public finance sets essential price signals but is currently insufficient to fund regional adaptation, given sovereign debt limits.
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ACT III — Inclusive and Risk-Resilient Blended Finance (2026/2027 forthcoming): Assessed private capital de-risking and identified core structural frictions: the ‘Efficacy Paradox’ in energy mitigation, the ‘Formality Trap’ excluding smallholders and informal stewards, spatial risk correlation causing sovereign risk migration, and ESG competitive penalties for non-EU SMEs.
2. The Imperative of Act IV: Towards Mediterranean Green and Sustainable Finance Guidelines
Act IV is also designed as a research response to the ongoing discussions within the UNEP/MAP Community of Practice on “Ocean Economy/Sustainable Finance”, organised and moderated by Plan Bleu since 2024. Thus, it would need to:
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explore how the EU Taxonomy can be adapted to non-EU Mediterranean contexts, while maintaining environmental ambition and ensuring consistency with regional priorities;
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develop common principles and safeguards to limit fragmentation and support credible alignment across national frameworks;
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place adaptation and resilience at the centre, while maintaining attention to mitigation and recognising the importance of both land and marine territories;
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integrate social equity, just transition and green jobs, alongside broader measures of sustainable development beyond GDP; and
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ensure sufficient institutional and financial flexibility, including coordination across ministries, combinations of financial instruments and support for community-driven initiatives.
Indeed, the Mediterranean faces a structural gap: the need for a common classification framework that reflects the region’s diverse economic, institutional and ecological contexts. The EU Taxonomy (Regulation 2020/852) provides an important reference point, but its application across non-EU Southern and Eastern Mediterranean Countries (SMCs) may require careful adaptation to national capacities, market structures and regional priorities, including water scarcity, marine natural capital and the prevalence of informal economic activity.
Accordingly, papers should focus primarily on how the EU Taxonomy and its underlying approach could be adapted to non-EU Mediterranean contexts. Contributions may examine which elements can be transferred, where contextual adjustments are needed, and how such adaptation can preserve environmental ambition while remaining feasible and relevant to different national circumstances. Particular attention may be given to adaptation and resilience, biodiversity and marine ecosystems, social and just-transition considerations, data and institutional capacity, and the needs of SMEs and informal or community-based activities.
Act IV does not seek to create a parallel taxonomy competing with the EU framework. Rather, it explores how a Mediterranean approach can build on the EU Taxonomy while accommodating the region’s diversity. Specifically, the EU Taxonomy has no dedicated blue or ocean chapter: marine and water issues are addressed largely through the objectives on water and marine resources and on biodiversity, and through DNSH conditions. For a semi-enclosed sea whose economies depend on shared marine and freshwater resources, this is a significant gap. Act IV therefore invites contributions on how a Mediterranean approach can give blue and water-related activities the visibility and rigour they require, building on, rather than departing from, the EU framework.
Selected papers will also contribute to the scientific basis for the ongoing intergovernmental discussions under the Barcelona Convention on voluntary Mediterranean Green and Sustainable Finance Guidelines, in line with the MSSD 2026–2035 and its Objective 5. The work will also feed into Programme 8 on Sustainable Finance under the UNEP/MAP Medium-Term Strategy 2028–2033.
3. Key Research Axes and Thematic Call for Contributions
Plan Bleu invites original empirical, theoretical, legal and policy-oriented contributions examining how the EU Taxonomy and its underlying approach can be adapted to the diverse contexts of Mediterranean countries, including non-EU countries. The EU Taxonomy provides an important reference for developing credible and comparable sustainable-finance frameworks. At the same time, differences in environmental conditions, economic structures, institutional capacity, financial markets and data availability mean that its application may require appropriate contextualisation.
The EU Taxonomy rests on four cumulative components: (i) substantial contribution to one of six environmental objectives (climate change mitigation; climate change adaptation; sustainable use and protection of water and marine resources; transition to a circular economy; pollution prevention and control; protection and restoration of biodiversity and ecosystems); (ii) technical screening criteria (TSC); (iii) the “do no significant harm” (DNSH) principle with respect to the other objectives; and (iv) minimum social safeguards. Three questions are of particular interest: how DNSH conditions can be made verifiable where data and monitoring capacity are limited; how minimum safeguards can be applied credibly where informal activity is prevalent; and how activity categories (including transition and enabling activities) should be calibrated to Mediterranean economic structures.
Contributions should therefore explore what can be transferred, what may need to be adapted, and what additional elements may be required to make an EU-inspired approach relevant and operational across Mediterranean countries, while maintaining environmental integrity and supporting greater regional interoperability. Research may draw on econometric or statistical analysis, modelling and other quantitative approaches, as well as legal analysis, institutional analysis, political economy or other qualitative methodologies. Regardless of the methodological approach, contributions should generate clear policy-oriented findings and recommendations that can inform the development of practical and flexible Mediterranean Green and Sustainable Finance Guidelines. Four interconnected research axes are proposed.
Contributions are encouraged to focus on one or more of the following sectors (non-exhaustive):
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Fisheries and aquaculture
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Tourism and hospitality
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Maritime transport and ports
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Coastal urban development, infrastructure and nature-based coastal protection
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Trade-exposed heavy industry and energy
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Water supply, wastewater, desalination and non-conventional water resources
Axis I: Adapting Taxonomy Criteria to Mediterranean Environmental and Economic Realities
The first axis focuses on the substantive adaptation of EU Taxonomy criteria to Mediterranean circumstances. The region combines particularly high exposure to climate change with distinctive environmental assets and pressures, including water scarcity, coastal degradation, biodiversity loss and pressures on marine ecosystems. At the same time, economic structures and levels of development vary considerably across countries.
Contributions may examine how technical screening criteria and environmental objectives could be contextualised to reflect these differences, while preserving a credible level of environmental ambition. Particular attention is invited to adaptation and resilience, alongside mitigation; to the treatment of natural capital and ecosystem services; and to activities spanning both land and marine environments. Papers could also investigate how approaches such as natural capital accounting and biophysical indicators might complement conventional economic measures and help capture forms of wealth and environmental value that are not adequately reflected in GDP. Also, papers can, for instance, examine translating biophysical natural capital metrics, such as Posidonia oceanica carbon storage, coastal protection and nursery functions, into technically robust and legally grounded screening criteria for blue-bond eligibility at sovereign, municipal and corporate levels, with attention to measurement integrity and the risk of double counting.
Axis II: Implementation Readiness, Institutional Capacity and Interoperability
The second axis addresses the conditions required to translate an EU-inspired taxonomy into an operational national framework. Taxonomy implementation depends not only on technical criteria, but also on regulatory institutions, data and monitoring systems, verification capacity, financial-market development and coordination between public authorities.
Papers may assess how these prerequisites differ across EU and non-EU Mediterranean countries and how taxonomy requirements could be calibrated to different levels of institutional and market readiness without lowering environmental standards. This includes questions of data availability, MRV systems, digital tools and verification, as well as the capacity of banks, financial institutions and companies to apply taxonomy requirements.
A particular area of interest is interoperability with the EU Taxonomy: how can national frameworks remain sufficiently compatible to facilitate investment and comparability, while allowing legitimate adaptations to national circumstances? Contributions may also consider how to avoid fragmentation between national and sub-national approaches and how alignment or compatibility could be assessed in a transparent and proportionate manner. Contributions may map the status of taxonomy-type frameworks across the 21 Contracting Parties, distinguishing (a) EU Member States applying Regulation 2020/852 directly (Croatia, Cyprus, France, Greece, Italy, Malta, Slovenia, Spain); (b) EU candidate countries with alignment obligations (Albania, Bosnia and Herzegovina, Montenegro, Türkiye); (c) countries with national or sectoral frameworks adopted or under development; and (d) countries without a framework. Such mappings should assess scope, governance, degree of alignment with the EU Taxonomy and implications for interoperability. Comparative papers drawing on non-Mediterranean experiences are also welcome.
Axis III: Taxonomies as Enablers of Transition and Sustainable Investment
The third axis examines how adapted taxonomy frameworks can move beyond classification to support actual investment and transition pathways. This is particularly relevant for countries where high climate and environmental needs coexist with constrained fiscal space, high financing costs and limited access to long-term capital.
Contributions may explore how EU-inspired criteria could recognise credible transition activities where immediate compliance with EU thresholds is not yet feasible, while maintaining a clear pathway towards improved environmental performance. This could include sectors affected by the EU’s evolving climate policies and Carbon Border Adjustment Mechanism (CBAM), as well as adaptation-intensive sectors where investment needs are substantial but financial returns may be difficult to capture.
Papers may also examine how taxonomy classifications can connect with green and blue bonds, blended finance, guarantees, concessional finance and other instruments, and how they can improve access to finance for SMEs, smaller projects and community-based initiatives. The integration of social safeguards, just-transition considerations and green jobs could also be explored, particularly where these dimensions affect the feasibility and distributional impact of the transition.
Papers may define screening criteria and transition pathways for export-oriented industrial sectors in Southern and Eastern Mediterranean Countries facing the EU CBAM (whose scope includes iron and steel, cement, aluminium, fertilisers, electricity and hydrogen). Papers may examine whether and how taxonomy alignment can support industrial retrofits and credible decarbonisation trajectories without creating additional competitive disadvantages.
Axis IV: Regional Coherence, Fiscal Frameworks and the Mediterranean Sustainable-Finance Architecture
The final axis considers how national adaptations of the EU Taxonomy could contribute to a more coherent Mediterranean sustainable-finance architecture. The objective would be to identify common principles, definitions and safeguards that could support compatibility between national approaches while respecting different country circumstances.
Contributions may examine the links between taxonomy frameworks and sustainable budgeting, fiscal incentives and subsidy reform, building on the findings of the previous Plan Bleu Sustainable Finance volumes. They may also explore how coordinated fiscal measures and regional financial mechanisms could reinforce taxonomy-based investment signals and help mobilise finance for shared priorities such as renewable energy, sustainable transport, marine conservation and ecosystem restoration. Papers may also assess how national taxonomies can interact with public risk exposure diagnostics, catastrophe bonds and regional parametric risk-pooling mechanisms, so that adaptation finance does not translate into open-ended sovereign liabilities.
More broadly, papers could consider the role of regional institutions, development banks and other financial actors in supporting taxonomy adaptation and implementation, and how greater compatibility between frameworks could facilitate cross-border sustainable investment.
Across all four axes, contributions should maintain a clear focus on the adaptation of the EU Taxonomy to both EU and non-EU Mediterranean contexts. Papers are encouraged to assess the implications of different approaches for environmental integrity, institutional feasibility, investment mobilisation and regional interoperability. The aim is to generate practical evidence and recommendations that can inform the development of Mediterranean Green and Sustainable Finance Guidelines.
4. Eligibility and Submission Process
The Call for Papers is open to all experts and researchers working on relevant topics in Mediterranean countries that are Contracting Parties to the Mediterranean Action Plan of the United Nations Environment Programme (UNEP/MAP). This includes : Albania, Algeria, Bosnia and Herzegovina, Croatia, Cyprus, Egypt, France, Greece, Israel, Italy, Lebanon, Libya, Malta, Monaco, Montenegro, Morocco, Slovenia, Spain, Syrian Arab Republic, Tunisia, Türkiye. If pre-selected, candidates must demonstrate their legal capacity to sign contracts and issue invoices according to the legislation of their country. Researchers from the Southern Mediterranean, including women and PhD graduates, are encouraged to participate. Interested researchers are invited to submit by November 27th 2026, the following documents:
1. A detailed concept note for the research paper (5 to 7 pages) including:
A cover page (1 page) with:
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The summary of the paper stating:
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the objective of the paper (and which of the four Axes it responds to)
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the knowledge gap and the value added of the paper
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methodology/approach
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expected results and regional policy implications
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Presentation of the author(s) and the topic of the research as follows:
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Name of the author(s)
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Their Affiliation(s)
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Contact details (including email)
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Address, city and country
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Which of the stated topics of the research they will be addressing
The remaining pages of the concept note should include the following :
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Statement of research stating the problem addressed, brief review of the literature, the knowledge gaps the paper will address and a preliminary outline
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Research methodology stating the research question, the hypothesis to be tested, the methodology (e.g case studies, empirical evidence, etc.) and the rationale for using the selected methodology.
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Expected results and policy implications : how will the outputs and results of the research translate into policy recommendations. Recommendations must be linked to the analysis, be specific and operational.
2. The CVs of the author(s) including list of publications
3. For experts/consultants based in France:
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a document certifying their registration with the Registre du Commerce et des Sociétés (Commercial and Companies Register), or their professional ID card proving registration with the Répertoire des Métiers (Trades Register), or their certificate of registration with URSSAF.
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In addition, a certificate of compliance (“attestation de vigilance”) from the Social Security for the Self-Employed (Sécurité sociale des indépendants), if they are not affiliated with the general Social Security scheme.
For experts based outside France, they will be required to provide a sworn statement certifying that they are up to date with their tax and social security obligations in their country of residence.
5. Evaluation and Selection
A minimum of 6 proposals will be selected by Plan Bleu. Proposals will be evaluated by Plan Bleu and selected based on objective criteria including:
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a concise and structured presentation of the research objectives and of the Paper,
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the relevance and originality of the topic and its policy relevance and,
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the inclusion of an indicative list of references.
Other criteria: Final selection may be subject to adjustments to take into account regional, subjects and gender balances. Previously published papers or those already accepted for publication will not be accepted. All submitted drafts will go through a plagiarism-checking process. No single author may submit more than one paper, whether independently or jointly with others. Draft papers should be submitted in English. Submissions that are not consistent with the above guidelines will be excluded.
6. Expected Outputs and Remuneration
Author(s) of the selected concept notes will be asked to submit a first draft (about 15 pages) of the research paper by February 28th 2027 ahead of the Plan Bleu Conference.
Selected authors will be invited to present their Papers to the Plan Bleu Conference on “Towards Mediterranean Green and Sustainable Finance Guidelines”, taking place in March 2027 (Marseille (tbc)). Authors will get feedback and inputs from other experts and researchers, to be used to finalize the Paper. Papers will be adjusted in light of the debates held at the Conference and/or consolidated based on the feedback received.
Following the Plan Bleu Conference, authors will be expected to submit a revised and final version of their Paper which incorporates the feedback received. The final draft shall be submitted by May 14th 2027. The final version of the paper will be peer-reviewed and if successful, will be published in the Plan Bleu research papers series and Edited Volume.
Each Paper will be awarded with €2,000 gross. A first payment (50%) will be provided on receipt of the first draft of the paper (the exact payment date will depend on the timing of UNEP/MAP fund disbursement). A second (final) payment (50%) will be provided after the final draft is submitted, provided that the peer review is positive and that the Paper meets the established quality standards.
Flights and accommodation to the Plan Bleu conference will be covered for selected authors (one author per paper). Coverage of the travel expenses is restricted to the geographic area covered by Plan Bleu (21 Mediterranean Countries of Barcelona Convention).
7. Summary and Timeline
November 27th 2026: Deadline for Submission of Draft Concept Notes
December 2026/January 2027: Review and Selection Process
early January 2027: Announcement of selected Concept Notes, Contractualisation and launching work on the papers
January/February 2027: Travel arrangements for authors of selected papers (one author per paper), including visas (when applicable)
February 28th 2027: Submission of first draft of selected papers (15 pages)
March 2027: Presentation at the Plan Bleu conference
May 14th 2027: Submission of the final version of papers (maximum 20 pages)
June 2027: Completion of the peer-review process
End 2027: Publication in Plan Bleu Edited Volume
CONTACT DETAILS
For any inquiries related to this call, please contact Constantin Tsakas, Chief Economist of Plan Bleu, [email protected] with the subject line: Plan Bleu Call for Papers ACTIV.
