"Ocean protection is a global cause"

Portuguese Prime Minister António Costa, claimed that "ocean protection is a global cause" and as such it must be addressed in a "multilateral" way, "centred on the United Nations through a participatory  process that engages not just Governments, but also the whole civil society", and based on "the United Nations Convention on the Law of the Sea".

The Prime Minister was speaking at the Ocean Race Summit Mindelo - Sustainable Ocean Finance in Cape Verde, where the UN Secretary-General also gave a speech.

During his speech, António Costa recalled the Second UN Ocean Conference held in Lisbon from 27 June to 1 July 2022, which led to the Lisbon Declaration: "Our Ocean, our future, our responsibility".

According to the Prime Minister, "now we must fulfil our responsibilities and walk together towards a true Ocean protection agenda, meeting the goals in the Paris Agreement and the 2030 Agenda".

António Costa also stressed the need "for a credible strategy to meet the decarbonization targets and tackle climate change", which "mandatorily means developing a blue transition alongside a green transition". Ensuring "these transitions are suitable funded" is the major goal.

Blue Economy

The Prime Minister also said the Blue Economy "is a fundamental component of Portugal’s development strategy":

"The Blue Economy has been truly resilient and even in trying times it is growing at a faster pace than the rest of our national economy. We are investing in areas with huge growth potential, such as biotech, renewable ocean energy, fisheries, aquaculture, and ecotourism", he stated.

"Promoting entrepreneurship, jobs and innovation in this area" is another one of Portugal’s major goals, which includes the Blue Hub, a network of infrastructures for the Blue Economy with a start-up investment of 87 million euros.

Highlighting the need to increase "funding of ocean-based action on a global scale", António Costa referred to the Sustainable Blue Economy and Investment Forum held on the side of the Ocean Conference and which was a "unique opportunity to get investors in touch with potential recipients".

"This was the greatest global blue economy event in 2022. And that is why we undertook to hold it again this year", he underlined.

Renewables in Portugal

The Prime Minister also noted Portugal’s heavy investment in renewables over the last few years:

"Renewables today account for around 58% of the electricity consumed by the Portuguese people. And we want to go further. Until 2026 we will increase to 80% the electricity consumed in Portugal from renewables", he claimed.

Portugal, with its vast maritime territory, should be "at the forefront of renewable ocean energy":

"We created a Free Technological Zone in Viana do Castelo focused on researching prototypes and technology, namely floating offshore wind energy and wave conversion technology. The Windfloat Atlantic has also been in operation in Viana do Castelo since 2020, the first floating offshore wind farm on mainland Europe and the first semi-submersible one in the world, currently with a 25 MW-capacity", António Costa stated.

The Prime Minister also said that this week "a public hearing for bids to set the implementation zones" and, until the third quarter this year, "our first offshore wind energy auction will be held".

Agreement with Cape Verde

During his trip António Costa met with the President of the Republic of Cape Verde, José Maria Neves, and the Prime Minister, Ulisses Correia e Silva. 

A Memorandum of Understanding was signed between the Government of the Portuguese Republic and the Government of the Republic of Cape Verde on the implementation of an Investment Assistance Fund in the country.

Portugal will take part in this fund by amortizing the debt owed by Cape Verde, whose total amount (12 million euros) will now be fully re-invested in this instrument by 2025.