Ramallah-(BNEWS)- The Team Europe partners and the Palestinian Authority announced today the launching of the Green Economy component of the Team Europe Initiative in support to the Private sector with an allocated funding of 47 million Euros. Under this package, the EU and Germany signed a joint agreement of 8.5 million Euros to support the "Green Growth Palestine" project, implemented by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH in cooperation with the Palestinian Ministry of National Economy.
The Palestinian Prime Minister Mohammad Shtayyeh, the Palestinian Minister of National Economy Khalid Osaily, the European Union Representative Alexandre Stutzmann, and the German Representative Oliver Owcza joined around two hundred representatives of the Palestinian private sector and business community to celebrate the launching of this strategic economic initiative.
The green component under the Team Europe Initiative (TEI) in support to the Palestinian Private Sector brings together the EU and European Development Partners from Germany, Italy, Belgium and Sweden in a joint effort to put the Palestinian economy on a sustainable growth path.
Following the signing of the financing agreement "Green Palestinian Economy" by the Palestinian Minister of National Economy and the European Union Representative, through a funding package of 47 million Euros, the Team Europe is supporting the Palestinians in their transition to a Green Economy.
This package will contribute towards inclusive and sustainable development by linking economic growth to environmental protection and climate change.
This includes strengthening the Palestinian private sector competitiveness through green investments, enhancing competitiveness and resilience of the Palestinian agri-food system, improving the economic conditions of smallholder farmers and rural enterprises, and adopting best practices in the design and implementation of Palestinian environment and climate priorities.
As part of this package, the EU and Germany signed a joint agreement and, in cooperation with the Palestinian Ministry of National Economy, launched the “Green Growth Palestine” project, implemented by GIZ.
This 8.5 million Euros project will build the capacities at companies, intermediaries, financial institutions and in the public sector, improving access to green finance and investment, shaping regulatory framework conditions that foster the transition and developing tailored communication to relevant stakeholders and the public.
"Green Growth Palestine", in cooperation with the European Development Partners notably from Belgium, Sweden, and Italy, will work with the Palestinian Ministry of National Economy to increase the efficiency of energy, raw material, and water use in production, cut emissions and waste and promote circular business models.
This will not only have positive effects on the environment but also – through lower input costs and lower waste in production, transportation, and usage – improve the competitiveness of companies.
This is especially important for Palestine with its high-energy prices and often-unreliable energy supply, water scarcity and frequently restricted access to raw materials.
The launching event brought together high-level experts and stakeholders to discuss this initiative. It featured a panel discussion and speeches from prominent guests who shared their insights and expertise on the importance of transitioning to a Green Economy.
"For the European Union, supporting the green economy isn't just a commitment; it's a catalyst for a sustainable future. With unwavering dedication, we are empowering green innovation and fostering economic growth in harmony with our planet, ensuring a brighter and cleaner tomorrow for all. We do this in Europe under the Green Deal and we support it around the world. Here in Palestine, our Team Europe Initiative demonstrates clearly this vision. We work together with our Palestinian partners to support their efforts in the green transition of the Palestinian economy. Through this partnership, the EU not only fosters economic growth but also empowers Palestinian communities to build resilience in the face of adversity," said the European Union Representative, Alexandre Stutzmann.
"In Palestine, there is a good business case for greening the economy: Conventional energy is expensive, while renewable sources, such as solar and biomass are often cheaper and more reliable than energy imports from Israel. Likewise, energy efficiency measures in production and transport can bring down energy costs by more than a third. This will pay off investments quickly. The same is true for water use: Water is scarce in Palestine. Using less, using sustainable and reusing is therefore not only good for the environment, it is also good for becoming more competitive." said the German Representative Oliver Owcza.
As Palestine takes vital steps towards embracing a Green Economy, this event has set the stage for future initiatives, partnerships, and actions that will drive sustainable economic growth, environmental stewardship, and social well-being in Palestine.
The Team Europe Initiatives are joint initiatives of the EU, European Member States and as well as the European Development Banks. Team Europe is about pulling resources together and better coordinating, to ensure that collectively we achieve the greatest sustainable impact and transformational change. It aims to provide a strategic European response to the multiple challenges faced by our partner countries. Drawing on the wealth of Team Europe’s collective experience, expertise and resources, the Team Europe approach provides an opportunity to combine the most appropriate mix of implementing modalities to obtain maximum results.