The European Commission has presented the Global Gateway initiative as ‘the European Green Deal worldwide’. It focuses on developing global infrastructure and supporting the green and digital transitions around the world.
The European Commission has committed to earmark and mobilise €300 billion up to 2027 for the EU’s Global Gateway initiative. In addition, the EU will engage its institutions and Member States to support smart, sustainable investments in quality infrastructure worldwide. This 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.
The EU is committing to leverage its formidable economic base and firepower to spur partnerships on climate and energy, digitalisation, transport, health, education and research. Although delivery will be critical, this is the opportunity for it to become the “first choice” partner and build more sustainable and resilient green value chains in the process.
The EU can be the best “offer” in a crowded field populated by Chinese, Russian and potentially G7 infrastructure investments. However, for that, it must ensure easily accessible and affordable money flows to partners in 2022. Moreover, it will need a dedicated team to ensure it flows into the most high-impact projects. In addition, this team should be at the intersection of Commission, EU financial institutions, Council configurations and the external action service.
COP26 ended with the petition to all countries to come back with renewed climate commitments by COP27 at the end of 2022. So 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. For instance, it can turn it into a blueprint for similar partnerships with countries like Indonesia or India. Furthermore, it can become a delivery mechanism for the new global coal phase-down consensus reached in Glasgow.
Quotes – Global Gateway
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. So 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. At the same time, it can offer 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 cooperation”
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