European Commission and European Investment Bank announce €18bn in Global Gateway investment fund

The European Commission and the European Investment Bank (EIB) have announced a funding package worth €18bn to boost investments in climate action and sustainable economies, the European External Action Service (EEAS) reports.

In a press release, EEAS say that, "this will boost investment in Global Gateway's priority areas – climate action, clean energy and connectivity – in Europe's partner countries around the world. In particular, these projects will aim to help bridge the global climate finance gap and support prevention, adaptation and mitigation."

Speaking from the Global Citizen NOW summit in New York City, the President of the European Commission Ursula von der Leyen said, "Europe is already the top provider of climate finance globally and of official development assistance. But more is needed to bridge the climate finance gap - and everyone needs to chip in. This is where our investment strategy Global Gateway comes into play.

"Global Gateway invests in the projects our partners need - from natural risks prevention to clean transport and energy infrastructure. And this €18 billion in financing will get even more such projects off the ground, swiftly. Global Gateway will help advance the climate transition around the world, improving people's lives and making our partners more resilient."

The EIB President Werner Hoyer said: "Thanks to our solid partnership with the European Commission, EIB Global has already mobilised investments amounting to €31 billion under Global Gateway. This new financing package unlocks more EU support for projects that will make a real difference in partner countries and in some of the areas of the world most in need of transformation. We believe that the Global Gateway initiative will greatly contribute to the achievement of the Sustainable Development Goals, to which we remain fully committed and strongly aligned with partners worldwide."

What is Global Gateway?

The European Union's Global Gateway initiative was launched in 2020, and is a European strategy to boost smart, clean and secure links in digital, energy and transport sectors and to strengthen health, education and research systems across the world.

It has so far secured as much as €300bn in investments until 2027, and is driven by six principles, according to the EU. These are democratic values and high standards, good governance and transparency, equal partnerships, environmental protection, security, and private sector investment.

source: commonspace.eu with European Union
photo: European Union

Related articles

Editor's choice
News
Key European countries back Denmark in the face of Trump's continuing insistence on taking over Greenland

Key European countries back Denmark in the face of Trump's continuing insistence on taking over Greenland

 Six major European countries have declared their support to Denmark following renewed insistence by the US that it must have control over Greenland. "Greenland belongs to its people, and only Denmark and Greenland can decide on matters concerning their relations," said the leaders of the UK, France, Germany, Italy, Poland, and Spain, in a joint statement, issued on Tuesday (6 January), together with Denmark. On Sunday, Donald Trump said the US "needed" Greenland - a semi-autonomous region of fellow Nato member Denmark - for security reasons. He has refused to rule out the use of force to take control of the territory, and Danish Prime Minister Mette Frederiksen warned on Monday that an attack by the US would spell the end of Nato. The issue of Greenland's future resurfaced in the wake of the US military intervention in Venezuela, during which elite troops went in to seize the country's President Nicolás Maduro and take him to face drugs and weapons charges in New York. Following the raid, Trump said the US would "run" Venezuela for an unspecified period of time. He also said the US was returning to an 1823 policy of US supremacy in its sphere of influence in the Western hemisphere - and he warned a number of countries the US could turn its attention to them. The US military raid in Venezuela has reignited fears that the US may consider using force to secure control of Greenland. A day after the raid, Katie Miller - the wife of one of Trump's senior aides - posted on social media a map of Greenland in the colours of the American flag, alongside the word "SOON". On Monday, her husband Stephen Miller said it was "the formal position of the US government that Greenland should be part of the US". In an interview with CNN, he also said the US "is the power of Nato. For the US to secure the Arctic region, to protect and defend Nato and Nato interests, obviously Greenland should be part of the US." Asked repeatedly whether the US would rule out using force to annex it, Miller responded: "Nobody's going to fight the US over the future of Greenland." Stressing they were as keen as the US in Arctic security, the seven European signatories of Tuesday's joint statement said this must be achieved by Nato allies, including the US "collectively" - whilst "upholding the principles of the UN Charter, including sovereignty, territorial integrity and the inviolability of borders". Greenland's Prime Minister Jens-Frederik Nielsen welcomed the statement and called for "respectful dialogue". "The dialogue must take place with respect for the fact that Greenland's status is rooted in international law and the principle of territorial integrity," Nielsen said. Trump has claimed that making Greenland part of the US would serve American security interests due to its strategic location and its abundance of minerals critical to high-tech sectors. Greenland, which has a population of 57,000 people, has had extensive self-government since 1979, though defence and foreign policy remain in Danish hands. While most Greenlanders favour eventual independence from Denmark, opinion polls show overwhelming opposition to becoming part of the US.

Popular