The Team Europe partners and the Palestinian Government have launched 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 fr Internationale Zusammenarbeit (GIZ) GmbH in cooperation with the Palestinian Ministry of National Economy.
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.
The financing agreement ‘Green Palestinian Economy’, which includes a funding package of 47 million Euros, 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.
Prime Minister Mohammad Shtayyeh said the timing of the project is very important, “at a time when our attention is focused on what is happening in Libya, Morocco and other places.”
He pointed out that “the transition to a green economy is of paramount importance for Palestine, by reducing carbon emissions, enhancing resource conservation, achieving a balance between economic development on one hand and climate change mitigation on the other, as well as reducing costs and redesigning infrastructure.”
“The initiative is important because it enhances the competitiveness of the Palestinian economy through investment in solar energy, support for farmers, and achieving food security.”
EU Representative, Alexandre Stutzmann, said, ‘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 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,’ he added.
Source: Palestine News & Information Agency