Your Excellency, Semereta Sewasew, State Minister of Finance of Ethiopia,
Dear panellists,
Excellences, Distinguished Guests, Ladies and Gentlemen,
While the RISED Ethiopia signing ceremony focused on clean energy and climate action, it is important to remember that the EUs Global Gateway strategy is much broader.
Global Gateway aims to build sustainable and trusted connections in many areas: digital, energy, climate change mitigation and adaptation, transport, education, research, and health.
So far, 138 Global Gateway flagship projects are active in Africa, more than half of all such projects worldwide.
Let me give a few examples, starting with climate change adaptation and resilience.
While reducing emissions is crucial, Africa is already feeling the effects of climate change. Countries like Ethiopia face increasing droughts and floods. Adapting and building resilience is no longer optional — it is a necessity, and it is a key part of Global Gateway.
The EU is rolling out national, regional, and continental projects across Africa to support adaptation. One major effort is the Team Europe Initiative on Adaptation and Resilience, involving the European Commission, seven EU Member States, the African Union, and the European Investment Bank.
It focuses on climate data, early warning systems, access to climate finance, and risk insurance. Since its launch at COP27 in 2022, this initiative has already exceeded its original commitment of over EUR 1 billion. A report later this year will present the results achieved so far, highlighting strong cooperation and shared priorities among EU Member States.
Now, turning to private finance for climate action.
The EU, its Member States, and the European Investment Bank remain the worlds largest providers of climate finance. In 2023, they mobilised EUR 28 billion in public funds and EUR 7.2 billion in private finance for developing countries.
But public finance alone is not enough. We urgently need to attract more private investment, especially in low- and middle-income countries where risks are higher.
To help, the Global Green Bond Initiative, a flagship initiative by President von der Leyen, supports the growth of green bond markets in partner countries. This helps raise funds for local climate projects and attract private investors.
Also, the European Fund for Sustainable Development Plus (EFSD+) offers EUR 39.8 billion in guarantees, expected to generate over EUR 200 billion in sustainable investment over the next seven years.
I am confident the Team Europe panellists will share more examples during your discussions, especially in the context of Ethiopia.
Thank you for your attention, and I wish you a productive and engaging conversation.