Last week MedWaves travelled to Brussels to contribute to the high-level event “Pact for the Mediterranean: Environment, Peace, Rights”, organised by the European Greens at the European Parliament, upon invitation of MEP Leoluca Orlando. The conference, brought together key actors, including  Prof. Filippo Giorgi, former vice-chair at the Intergovernmental Panel on Climate Change (IPCC), an organisation that was a co-recipient of the 2007 Nobel Peace Prize. Dr. Gaetano Giunta from the Fondazione di Comunità di Messina (FCM), and Director-General Stefano Sannino (Directorate-General for the Middle East, North Africa and the Gulf -DG MENA), Together, we explored how the Mediterranean can become a space for sustainable, inclusive, and resilient development.

MEP Leoluca Orlando opening the Conference

MedWaves showcased the work carried out through the Switchers Support Programme and presented The Switchers Fund, developed in partnership with Fondazione Comunitá di MeSSiNa (FCM) and SEFEA MED. The session provided an important moment to highlight how social and green entrepreneurship, supported by accessible and impact-oriented finance, can act as a real driver of stability and prosperity across the region.

Putting the Mediterranean back at the Centre

Participants welcomed the renewed political attention the European Union is giving to the region through the creation of the new DG MENA, the appointment of a Commissioner for the Mediterranean, and the emerging Pact for the Mediterranean.

In this context, MedWaves stressed that the ecological and social transition in the Mediterranean cannot be treated as merely technical. As Alessandro Miraglia, MedWaves’ Team Leader for Networking and Partnerships, stated during his intervention:

“The transition is too often seen as a matter of efficiency or resource substitution. But real change requires reshaping how our societies are organised, who participates in the transition, and how economic activity reconnects with its social and ecological value.”

Alessandro Miraglia (MedWaves’ Team Leader for Networking and Partnerships) during his intervention

This perspective is central to the MedWaves mandate under the Barcelona Convention: supporting governments and stakeholders in their shift towards circular, low-carbon, zero-waste, and non-toxic economies, ensuring that no community is left behind.

A Mediterranean vision rooted in knowledge, equity, and mutual support

Alongside Nobel laureate Prof. Filippo Giorgi and Dr. Gaetano Giunta (FCM), the discussion emphasised the urgency of reconciling economic activity with the creation of social and ecological value. Dr. Giunta pointed to the need for a pan-Mediterranean ecosystem of knowledge, cooperation, and mutual support capable of addressing both climatic challenges and rising inequalities.

The Mediterranean is already one of the world’s most vulnerable regions to climate change, with impacts unfolding faster than the global average. These environmental pressures are inseparable from social ones, affecting livelihoods, exacerbating vulnerabilities, and driving migration. The region therefore requires innovative, systemic, and inclusive approaches.

The role of Impact Finance: presenting The Swichers Fund

A key message presented by MedWaves was the strategic importance of impact finance as a catalyst for innovation and resilience in MENA countries:

“Impact finance is essential for a just transition. It provides the catalytic capital needed to support early-stage green and social innovations that mainstream finance still considers ‘non-bankable’.” (Alessandro Miraglia, MedWaves).

Through The Switchers Fund, MedWaves, SEFEA Med and FCM are working to fill this persistent gap by blending equity, quasi-equity, revenue-based finance, and tailored technical assistance. The goal is to support enterprises whose mission and business models generate clear ecological and social value, offering investments up to €150,000 under a patient-capital approach.

The Fund is unique not only for the ventures it supports, but also for its policy-oriented mission: it was formally endorsed at the Barcelona Convention COP22, recognising its contribution to sustainable business models and its alignment with regional commitments under the Mediterranean Action Plan.

The need for a new financial paradigm in the Mediterranean was reinforced during the event by concrete examples of instruments already operating -or emerging- to fill the gaps left by traditional systems. Rama Impact, represented by Tamara Ghandour and invited by MedWaves to the event, is an impact-first fund supporting women-led enterprises in the Middle East and Africa, with a strong focus on climate action and economic empowerment. This fund challenges the limitations of long-term humanitarian aid, which can unintentionally create dependency and fail to address local needs. Instead, it tackles the persistent “missing middle” financing gap: businesses that are too small and risky for traditional investors, yet too large for microfinance, and often excluded from bank lending due to lack of guarantees.

Tamara Ghandour (Rama Impact CEO) during her intervention

Building the common Mediterranean space

As the EU progresses toward the deployment of the Pact for the Mediterranean and its future Action Plan, MedWaves emphasised that the latter must incorporate the principles of a just transition:

“For the future Mediterranean clean economy finance to become sustainable and socially inclusive, the Pact’s Action Plan must adopt and internalise the concept of a just transition, and as stated by the Plan, invest in the local social entrepreneurship ecosystems and alternative business model.” (Alessandro Miraglia, MedWaves)

With more than 3,700 entrepreneurs and SMEs supported, 600 experts trained, and over 100 organisations mobilised across eight MENA countries, The Switchers Community is already demonstrating the transformative potential of green and social entrepreneurship.

Looking Ahead

The discussions in Brussels reinforced a shared commitment: building a Mediterranean region where environmental integrity, social justice, and economic innovation advance hand in hand.

MedWaves will continue working with its partners to strengthen regional cooperation, support sustainable business ecosystems, and advocate for impact-oriented public finance as a cornerstone of the future Mediterranean economy.

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