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Global gateway - Making the Green Deal global

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  • The EU announced it would work with member states and EU institutions to earmark existing resources to mobilise up to €300 billion funds to support smart, sustainable investments in quality infrastructure worldwide.
  • It is the EU’s chance to ramp up the global transition from fossil to green and climate-resilient infrastructure, fundamental to halving emissions this decade.
  • To be the best “offer” in a crowded field populated by Chinese, Russian and potentially G7 infrastructure investments, the EU must ensure easily accessible and affordable money flows to partners in 2022. To make sure it flows into the most high-impact projects will also require a dedicated team at the intersection of Commission, EU financial institutions, Council configurations and the external action service.

The European Commission has committed to earmark and mobilize €300bn out to 2027 towards the EU’s much-advertised Global Gateway initiative. Focused on developing global infrastructure and supporting the green and digital transitions around the world, the Global Gateway was framed as ‘the European Green Deal worldwide’. Delivery will be key, but this is the opportunity for the EU to become the “first choice” partner and build more sustainable and resilient green value chains in the process. To make the best offer, the EU is committing to leverage its formidable economic base and firepower to spur partnerships on climate and energy, digital, transport, health, education and research.

All countries were invited to come back with new climate neutrality and 2030 climate targets by COP27 at the end of 2022. Getting the money flowing next year will be significant in giving emerging and middle-income economies in the G20, the EU neighbourhood and Africa confidence that they will be supported in the transition. This could help the EU scale up its financial involvement in South Africa’s Just Transition Partnership and turn it into a blueprint for similar partnerships with countries like Indonesia or India and a delivery mechanism for the new global coal phase-down consensus reached in Glasgow.

Léa Pilsner, policy advisor on European Green Deal Diplomacy, said: “Today, the EU presented the foundation for the missing global dimension of the European Green Deal. With the Global Gateway, the EU could now drive fair and inclusive clean economy benefits abroad and critically accelerate global decarbonisation. But the delivery cannot be shaky, or the whole project will fail. To be a true geopolitical offer, it must be real: Make the approach one of true partnership and make sure Team Europe is operational and hits the ground running in 2022.”

Jennifer Tollmann, senior policy advisor, EU Climate Diplomacy and Geopolitics said: “We remain far from halving emissions this decade. With COVID-19 recovery ongoing, the Global Gateway is the EU’s best shot at bringing international partners along in the transition to climate neutrality. Getting money flowing into green and climate-resilient infrastructure in 2022 can bend the curve. It can give confidence to emerging economies considering greener recoveries, while offering a better alternative to low-income economies looking to avoid increasingly risky fossil fuel-based development pathways. This is the EU’s chance to be the “best offer” and set the bar for high-quality co-operation.”

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EU Reporter publishes articles from a variety of outside sources which express a wide range of viewpoints. The positions taken in these articles are not necessarily those of EU Reporter.
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