European Union External Action

Sustainability in the Indo Pacific - Nina Obermaier at 2021 NZIIA Conference

02/08/2021 - 06:52
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The Indo Pacific is extremely vulnerable to unavoidable climate impacts and disruption to livelihoods. This creates risks for the stability of the region, but also for a successful transition to a low carbon economy.

HE Nina Obermaier addressed these environmental sustainability challenges in the Indo Pacific at the 2021 New Zealand Institute for International Affairs annual conference.

Transforming economies and societies requires a lot of investment. Globally, it is estimated that close to 500 times what was spent to send man on the moon is needed. Like President Ursula von der Leyen, you can call it our generation’s moon-shot moment.

The European Union is doing its part, by bringing its economic heft to support a green transition across the Indo Pacific. It is mobilising public finance (development assistance, green loans and a pledge of €25bn by the EU & MS27).

But public finance alone is insufficient. Private capital flows are critical towards reaching the world’s global temperature targets. To reorient private investments towards climate action, the EU has put a robust and clear framework in place, based on:

  • climate risk analysis,
  • a sustainable finance framework (aka the EU Taxonomy) and 
  • science-based target setting, disclosure and monitoring.

 

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