EU to boost sustainable action across the planet as part of its Global Gateway strategy

Together with the European Investment Bank, 18 billion euros were announced for direct investment in climate projects

The European Union has started formulating a coherent strategy to boost economic development in partner countries from other countries through its recently announced Global Gateway strategy. The overall and admittedly ambitious goal of the programme is to raise 300 billion euros through public-private partnerships until 2027, and to put action into words, the European Commission announced last week that it will chip in 18 billion euros directly through the European Investment Bank (EIB).

The amount in question, which was revealed by EU Commission President Ursula von der Leyen speaking at the Global Citizen NOW Summit in New York City, is to be specifically channelled into sustainability and climate action projects. In essence, it will be a platform to spread sustainable development as a concrete reality outside of the European borders.

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,” said on the occasion, President von der Leyen.

EU is the world’s number one development donor

Yes, the European Union has been leading the way in supporting development projects in response to a wide range of issues across the globe, yet this hasn’t strongly registered in the popular imagination. Everyone has heard of China’s much-boasted Belt and Road Initiative, but when it comes to coherent action and policy, the 27-state block has experienced a communication and reputational lag.

The Global Gateway strategy is the EU’s positive offer to partner countries in support of their resilience and sustainable development. This offer aims at narrowing the global investment gap with value-driven investments from public and private sectors, supporting global economic recovery and accompanying the twin green and digital transitions outside the EU.

The strategy is the EU’s contribution to narrowing the global investment gap worldwide. It is in line with the commitment of the G7 leaders from June 2021 to launch a values-driven, high-standard and transparent infrastructure partnership to meet global infrastructure development needs. The Global Gateway is also fully aligned with the UN’s Agenda 2030 and its Sustainable Development Goals, as well as the Paris Agreement.