#GreenAsia: #EU to Invest €10 billion for #GreenEconomy in South-East Asia

• EU Investment to support South-East Asia’s Transition to A Green Economy
• Green Team Europe Initiative in partnership with South East Asia
• EU-ASEAN cooperation for investment in climate change resilient infrastructure

Brussels: The European Union (EU) in a Team Europe approach have announced the mobilisation of €10 billion as part of Global Gateway to accelerate green infrastructure investments in the Association of Southeast Asian Nations (ASEAN) countries.

The EU and ASEAN are the world’s two most advanced regional integration organisations. We understand each other very well, we share the same values and the same spirit of cooperation, European Council President Charles Michel while speaking at the EU-ASEAN commemorative summit held in Brussels, Belgium on 14 December 2022.

The President of the European Council, Charles Michel, and the 2022 ASEAN Chair, Cambodian Prime Minister Hun Sen, co-chaired the meeting.

Also, EU and ASEAN leaders reaffirmed their shared commitment to pursuing their joint efforts for climate change and sustainable development.

We will strengthen our shared endeavours regarding climate change by promoting enhanced #collaboration between ASEAN and the EU for a green and inclusive transition, underpinned by cooperation in the areas of environment, climate change and green technologies, joint leaders’ statement showed.

According to official statement, this package will focus on the green transition and sustainable connectivity in South-East Asia, underpinned by two Team Europe Initiatives: the Sustainable Connectivity Initiative and the Green Team Europe Initiative.

Investments will focus on #energy, transport, #digitalisation, education and promote trade and sustainable value chains. They will support South-East Asia’s transition to a green economy, better access to essential services, and economic opportunities and jobs.

President Ursula von der Leyen in her statement said: “Today we celebrate 45 years of cooperation between two regions that believe in multilateralism and a rules-based world order. Global Gateway will further deepen our strategic partnership. The Sustainable Connectivity Initiative will strengthen ASEAN’s economy, create jobs and be a catalyst in our fight against climate change.”

Team Europe Initiative on Sustainable Connectivity

The Sustainable Connectivity Initiative will accelerate infrastructure investment in South-East Asia. The Sustainable Connectivity Team Europe Initiative will support the ASEAN electric grid interconnections to improve access to renewable energy, invest in digitalisation including in connectivity via submarine cables, and promote environmentally, economically, and socially sustainable value chains.

Green Team Europe Initiative in partnership with South East Asia

The Green Team Europe Initiative launched with the ASEAN on 18 November 2021 will strengthen the EU’s partnership with the region in areas including climate action, environmental and biodiversity protection, clean energy transition, disaster resilience, prevention of illegal logging, wildlife trafficking and air pollution. It provides the framework for coordinated green action between participating Team Europe partners and #ASEAN and its Member States.

Background

Global Gateway is Europe’s offer to its partners for smart, clean and secure infrastructures and links. It boosts sustainable investments in digital, transport, energy and climate relevant sectors and in health, education and research systems. It will help to tackle the most pressing global challenges, from fighting climate change, to improving health systems, and making economies more resilient.

Moreover, the €10 billion funds package consists of grants from the EU budget and the estimated amount of loans on favourable terms for investment projects that will be leveraged by the EU budget and Member States’ public funding.

President Ursula von der Leyen in her statement said “Today we celebrate 45 years of cooperation between two regions that believe in multilateralism and a rules-based world order. Global Gateway will further deepen our strategic partnership. The Sustainable Connectivity Initiative will strengthen ASEAN’s economy, create jobs and be a catalyst in our fight against climate change”

High Representative/Vice-President Josep Borrell said The Indo-Pacific region is becoming the new global centre of gravity. The Indo-Pacific generates 40% of global GDP and represents 60% of the world’s population. The region is of vital importance to the EU. Let us work together on shared security, sustainable connectivity, and global challenges”

Jutta Urpilainen, Commissioner for International Partnerships said “South-East Asia is a key region and we want to further develop sustainable and trusted connections with ASEAN countries. As part of our Global Gateway offer to the region, I am pleased that on the occasion of the EU-ASEAN Commemorative Summit we are launching our Team Europe Initiative on Sustainable Connectivity worth over €1 billion, which will boost our partnership to realise a greener, more prosperous, equal and digital future in both #Asia and #Europe”

Experts believe that EU’s funding will be a catalyst for Southeast Asian nations to pursue green growth, sustain the natural capital, keep the #environment safe, mitigate and adapt the climate change and finally, lead the Southeast Asia to #greeneconomy.

By: M.A 

Email: vow2025@gmail.com