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The outermost regions and the EU: a privileged, renewed and strengthened partnership

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The Commission is today presenting a new strategy for the outermost regions, those nine regions located thousands of kilometres from continental Europe, to help them fulfil their full potential.

For many years the EU has acknowledged the specific features common to the Azores, the Canary Islands, Guadeloupe, Guyana, Madeira, Martinique, Mayotte, Réunion and Saint Martin, and has afforded them a special status. For the first time, however, the Commission is working with the Member States to establish customised support to help these regions build on their unique assets and create opportunities for their inhabitants.

European Commission President, Jean-Claude Juncker, said: “I have always paid particular attention to the nine regions we call the outermost regions, which are first and foremost European regions, and which project Europe’s presence in the world. This strategy, which provides the basis for a renewed, strengthened and privileged partnership, is a new specific example of a Europe that protects, provides the means to act and offers equal opportunities to everyone.”

Commission Vice-President responsible for Jobs, Growth, Investment and Competitiveness, Jyrki Katainen, said: “We want these regions to have easier access to the European fund for strategic investment, which is at the heart of the investment plan. A dedicated initiative with the European Investment Bank will help, with enhanced technical support, to make the planning and financing of projects more effective.”

The Commissioner for Regional Policy, Corina Crețu, added: “The EU is helping these regions to overcome their difficulties, so that none of them feel isolated or left behind. They have many extraordinary assets, such as blue growth, space sciences and renewable energies, and we will also help them to reap the benefits of globalisation.”

The EU is committed to the outermost regions, together with the Member States.

The Commission will seek to shape policies that better reflect these regions’ realities and interests, particularly when negotiating trade or fisheries agreements.

For that purpose, a platform for dialogue will bring together the regions and their Member States, the European institutions and private stakeholders, who will meet to exchange views during the legislative process. The Commission will also establish, on request, special working groups on specific issues, such as making the best use of European funds or promoting employment.

The strategy stresses clearly that ensuring these regions’ prosperity is a shared responsibility among the regions, Europe and the Member States, which must show the political will to support these regions on the path to growth.

The EU helps these regions to capitalise on their strengths in a globalised economy

The strategy supports their full integration into their surrounding regions by means of joint projects with neighbouring countries, which could receive European funds in the future for the prevention of natural risks, waste management, transport or energy, to give some examples.

In order to promote innovation and investment, the EU will help the regions to participate in the Horizon 2020 research programme, with special coordination and support action. A new initiative will be created under the Juncker Plan with the aim of facilitating regions’ access to the European fund for strategic investments (EFSI), in particular via a single access point within the European Investment Advisory Hub.

Making use of the smart specialisation model, which has proved its worth, the strategy seeks to help the regions to build on their assets, supporting greater innovation in traditional sectors such as fisheries and agri-food. To that end the Commission will provide for the POSEI programmes to continue beyond 2020 and will assess whether State aid can be used to support the renewal of small-scale fishing fleets.

The EU is working to create equal opportunities for everybody in these regions

In order to promote the acquisition of skills and mobility, Europe will give young people in these regions a financial boost to enable more of them to participate in the Erasmus programme and in the European Solidarity Corps.Furthermore, better transport links are crucial to these regions’ economic development and to their inhabitants’ quality of life. The Commission will launch a study to identify their connection needs and, where justified, undertakes to co-finance ports and airports.

The EU protects these regions from the effects of climate change

Extreme weather events, such as Hurricane Irma, have demonstrated that these regions need help in tackling the effects of climate change. The EU will incorporate the challenges facing them into its LIFE programme and its strategy on adaptation to climate change, which is currently being evaluated with a view to possible revision. In order to support the reconstruction efforts in Saint-Martin/Sint-Maarten, the Commission is currently considering the best way to combine different European funds.

Background:

Article 349 of the Treaty on the Functioning of the European Union acknowledges the special characteristics of the outermost regions and affords them a special status.

In 2004, the Commission presented a first strategy aimed at shaping the partnership between the European institutions and these regions. That strategy is now being renewed in order to tackle persistent challenges, such as high unemployment rates, particularly among young people, greater vulnerability to the effects of climate change and a dependence on economic sectors which have not incorporated innovative processes.

Most of the measures under this strategy respond specifically to requests made by the presidents of the outermost regions in a memorandum submitted to President Juncker at the 4th Forum of the Outermost Regions in Brussels in March 2017.

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ADB Invests $25 Million in Private Equity Fund to Help Small Businesses in Southeast Asia

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The Asian Development Bank (ADB) signed an agreement to provide a $25 million equity investment to Exacta Asia Investment II, L. P. (Exacta II), a private equity fund, to provide much-needed investments for small and medium-sized enterprises (SMEs) in Southeast Asia.

“ADB’s investment will help well-managed and middle-market SMEs in Southeast Asia to realize their growth plans, thereby driving employment, tax generation, skills transfer, and regional trade,” said ADB Director for Private Sector Investment Funds and Special Initiatives Division Ms. Janette Hall. “Investing in Exacta II allows ADB to participate in Southeast Asia’s continued economic growth while providing development benefits for people in the subregion.”

ADB’s support will allow Exacta II to invest growth equity into smaller firms—particularly those from Indonesia, Malaysia, Philippines, Singapore, Thailand, and Viet Nam—whose growth is driven by domestic consumption and export. This will help address the issue of low private equity penetration in Southeast Asia, which is crucial to create new jobs, drive economic growth, and encourage further investments in related sectors.

Exacta II, a private equity fund with a target capitalization of $250 million, intends to invest about $10 million to $40 million per transaction in some of Southeast Asia’s SMEs and lower middle-market companies, particularly in the manufacturing, technology, and service sectors.

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Suzhou Forum Calls for Faster Energy Transformation for Better Lives and Prosperity

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Senior government officials, business leaders and key players in the global energy sector met today at the Third International Forum on Energy Transitions (IFET) in Suzhou, China. The international gathering, co-organized by the National Energy Administration of China, the International Renewable Energy Agency (IRENA), and the Jiangsu Provincial People’s Government of China, is an important platform for dialogue and collaborative action on how to transform energy systems towards a sustainable, low-carbon and resilient energy future.

Over the last decade, renewables have brought disruptive change to the global energy landscape. Driven by rapid technological advances, enabling policy frameworks and plummeting costs, renewables have created unprecedented opportunities to rethink the way our energy systems operate. IFET aims to identify solutions to scale up the latest renewable energy innovations, particularly in end-use sectors, accelerate power sector transformation, increase renewable energy financing, and transform urban energy systems.

In his keynote remarks, IRENA Director-General Adnan Z. Amin stressed the need to take the global energy transformation to the next level by strengthening innovation, mobilizing investments and modernizing gird infrastructure. Accelerating renewables deployment is essential to tackle challenges such as climate change, sustainable development and meeting growing energy demand. The Director-General underlined that the energy transformation offers us vast socio-economic benefits in terms of powering sustainable growth, creating jobs and creating local value-added.

Leading the way on the energy transformation are those frontrunner countries, like China who, early on, recognised the potential opportunities in and are developing the policies, market mechanisms, and systems necessary to reorient their economies towards the high-tech industry and workforce of the future. As highlighted in IRENA’s Corporate Sourcing Report, it is not only countries that are leading the way: companies in 75 countries actively sourced 465 terawatt hours of renewable energy in 2017, enough to power a country the size of France.

In his speech at the Sub-Forum on International Cooperation on Renewable Energy Industry Development, the Director-General also highlighted that international cooperation is needed to share lessons and experiences to overcoming challenges in transforming existing energy structures to low-carbon sustainable systems based on renewables and energy.

During his remarks at the Energy Future session, the Director-General identified five priority action areas to advance the energy transformation. These include: fostering a power sector that integrates higher shares of variable renewables and decarbonising end-use sectors, strengthening system-wide innovation, scaling up investment, ensuring equitable costs and benefits of the transition, and furthering international cooperation.

The previous conferences in 2015 and 2016 adopted the Suzhou Declaration and Consensus, respectively, which called for higher levels of ambition and decisive action to accelerate the energy transition.

IRENA also participated in the Belt and Road Energy Ministerial Conference taking place in Suzhou at the same time. Renewable energy has been identified as central to one of the initiative’s key pillars as a means to build a sustainable energy future.

IRENA

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Scaling up climate finance in Asia-Pacific through Financial Centres for Sustainability

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Financial Centres for Sustainability (FC4S) today launched its Asia-Pacific Centre, one of several important steps taken to scale up the financing required for climate action and sustainable development, at the 2nd meeting of the global network.

The new centre will be located in Shanghai Lujiazui Financial City, which will work with other cities in the Asia-Pacific region to promote the innovation and development of sustainable and green finance. Lujiazui is an international financial center with a high concentration of financial institutions, dynamic capital markets and a vast financial talent pool.

The most recent report of the Intergovernmental Panel on Climate Change (IPCC) concluded that an additional 1.5 per cent in global investment would be needed to hold global warming to 1.5 degrees Celsius. Mobilizing the world’s financial centres will be crucial to achieving the system transition that the IPCC has recommended.

Lujiazui Financial City and Casablanca Financial City also signed an agreement to strengthen cooperation in sustainable finance, green finance and exchange of resources, while Lujiazui Financial City unveiled the Green Finance Integrated Development Platform, the first regional online green finance platform.

This platform provides a practical place to exchange information on green projects, capital and finance from home and abroad, enabling companies and institutions to match supply and demand, and integrate resources.

Meeting in Shanghai, the global network also appointed two co-chairs to provide strategic leadership: Pierre Ducret, board member of the Paris-based Finance for Tomorrow initiative and Kong Wei, chair of the Shanghai Green Finance Committee.

In addition, a new Wall Street Working Group on Sustainable Finance is being formed, and is considering joining the network to represent New York.

Quotes

“The IPCC report has shown more clearly than ever the need to mobilize the trillions for climate, and accelerating action is a priority for France,”  said Ducret. “I’m honoured to be appointed as a co-chair of the Financial Centres for Sustainability network – and view this as a great opportunity to strengthen international cooperation at a time of great uncertainty.”

“Green finance is a national priority in China to develop a cleaner and more prosperous economy,” said Kong Wei. “ I feel privileged to take up the role of co-chair of the Network and will use this opportunity to promote practical measures that enable all financial centres to play their role in the transition that lies ahead.”

Curtis Ravenel, Global Head of Sustainable Business & Finance, Bloomberg said: “To solve the climate challenge, we need more sustainable finance product innovation and scale across the U.S. and international capital markets. Along with the growing roster of global hubs that are part of the FC4S Network, Bloomberg is working with a number of financial institutions and others to explore the formation of a Wall Street Sustainable Finance working group to scale capital deployment aligned with the goals of the Paris Agreement.”

Satya Tripathi, Assistant Secretary General, UN Environment said: “UN Environment works across the sustainability and finance agenda – and I see that the FC4S Network is having a significant impact on the international policy sphere. These moves will further consolidate the Network’s leadership role.”

Nick Robins, the founder of the FC4S network and Special Advisor on Sustainable Finance, UN Environment said: “We need financial centres to be fit for purpose in the rapid transition that lies ahead. With Pierre Ducret and Kong Wei as co-chairs, the network has the strategic leadership it needs for the next phase.”

UN Environment

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