The EU to invest billions into global green energy deals

25 Oct 2023

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The EU has announced renewable energy investments into Vietnam, Namibia, Bangladesh and the Philippines during its Global Gateway Forum.

The European Commission has announced partnerships with various countries that involve investing in renewable energy projects.

The deals were announced amid the EU’s Global Gateway Forum, which is taking place today (25 October) and tomorrow in Brussels. Global Gateway was first announced in 2021 and is the bloc’s global investment initiative to support the digital, energy, education, health and transport sectors.

The Global Gateway initiative aims to mobilise up to €300bn in investments between 2021 and 2027. The initiative also aims to boost the EU’s influence on the world stage and aligns with its strategic interests. European Commission president Ursula von der Leyen said the Global Gateway is a “template for how Europe can build more resilient connections with the world”.

“We will support smart investments in quality infrastructure, respecting the highest social and environmental standards, in line with the EU’s values and standards,” von der Leyen said.

New investments

Ahead of the forum, the European Commission announced a strategic three-year partnership with Namibia to boost sustainable raw materials value chains and renewable hydrogen.

This partnership includes a €1bn investment by the EU and support for an upcoming study into the development of the Port of Walvis Bay, to turn it into an industrial and logistics hub for the region.

“Thanks to its abundant renewable energy potential, Namibia is becoming a front-runner in the green hydrogen space,” von der Leyen said. “Together we can further decarbonise our economies, create jobs and ensure a more prosperous and greener future for our societies.”

Meanwhile, the European Commission also confirmed two investment packages to support Bangladesh. This includes a renewable energy package of €400m and a Global Gateway investment of nearly €1bn.

The EU also plans to invest €70m to support the public administration, employment, education and green construction in the country.

The European Investment Bank (EIB) and Vietnam have agreed to a “multi-projects credit facility” worth €500m, which will be used to finance Vietnam projects supporting decarbonisation and the transition to green energy.

The EU also plans to provide up to €16.6m in technical assistance for the French development Agency, to support Electricity VietNam in implementing projects linked to the Just Energy Transition Partnership.

An investment package of €246m was announced to support the green transition of Cabo Verde, while boosting efforts to bring in sustainable transport and digital connectivity to the country.

At the Global Gateway Forum, the EU also signed a €60m financing agreement with the Philippines to renew the country’s economy through various initiatives. These include reducing waste, ensuring water supply and wastewater treatment, promoting energy efficiency and deploying new renewable energy projects.

But while the EU is investing in renewable energy project abroad, a report by the EIB earlier this year suggests Europe’s investments to limit the climate crisis are “well below what is needed” to hit the net-zero emissions goal by 2050.

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Leigh Mc Gowran is a journalist with Silicon Republic