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maltatoday WEDNESDAY 13 DECEMBER 2017 News 2 EU Commission unveils action plan for the planet TWO years after the Paris Agreement, the EU is firmly in the lead in fighting climate change. To that end the Com- mission announced a series of initiatives for a modern and clean economy at the One Plan- et Summit in Paris yesterday. The Commission participated in the "One Planet Summit", hosted by the French President Emmanuel Macron. At the summit the Commission pre- sented its new Action Plan for the Planet, which includes 10 transformative initiatives for a modern economy and a fair so- ciety. They are all reflected un- der the 10 political priorities of the Juncker Commission. The Paris Agreement sends a clear signal to capital markets and investors - public and pri- vate – that the global transi- tion to clean energy is here to stay. Recognising that the Paris Agreement is a key element for the modernisation of the Euro- pean industry and economy the Commission sees it as an op- portunity for EU businesses to maintain and exploit their first mover advantage when foster- ing renewable energy, energy ef- ficiency, and competing on the development of the clean tech- nology market globally. The EU is leading by example and is creating an enabling envi- ronment that accelerates public and private investment in in- novation and modernisation in all key sectors. We are making this transition to a modern and clean economy taking account of the differences in the energy mix and economic structures across the EU. Beyond updating and strengthening its energy and climate legislation, the EU aims at developing enabling measures that will stimulate in- vestment, create jobs, empower and innovate industries and ensure that no citizen, worker or region is left behind in this process. President Jean-Claude Juncker said the time had come for the EU to raise its game and set all the wheels in motion — regula- tory, financial and other — to enable member states to meet the ambitious targets they had set themselves. "This is a necessity dictated by our current living conditions as well as those of future genera- tions," he said. "This is the time that we must act together for the planet. Tomorrow will be too late." Valdis Dombrovskis, Vice- President for the Euro and So- cial Dialogue, Financial Stability and Financial Services, said that Europe needed around €180 bil- lion in additional yearly invest- ment to power the transition to clean energy and reach the 2030 Paris agreement targets. "This effort will require both public and private investors to fully play their part. Europe's financial sector should be given the opportunity to lead this ef- fort worldwide," he said. "To do that we are ready to put in place the foundations for sustainable and green finance to reach its true potential." Commissioner for Climate Action and Energy, Miguel Arias Cañete said: "The Paris Agreement is a global pledge to hand over a healthier planet to future generations. Now, the time has come to show we will honour this pledge. Europe's commitment to this agreement is irreversible and non-negotia- ble. We played a leading role in brokering the deal exactly two years ago. And we continue to lead through ambitious, ena- bling climate policies and in- creased support the most vul- nerable. From innovative green financing to new partnerships with other countries, investors, cities, states and regions and civil society, Europe is showing the way when it comes to turn- ing the Paris Agreement into action." The initiative for yesterday's summit came from French President Emmanuel Macron at the G20 Summit in Ham- burg in July 2017, following the announcement by the United States administration that it would be pulling out of the Par- is Agreement. France organised the summit together with UN Secretary General António Guterres and World Bank President Jim Yong Kim. The European Commis- sion was one of the key partners. The summit brought together actors who are engaged in mak- ing the modern and clean econo- my a reality, and those who have the capacity to finance climate action. Over 1,000 delegates are participating in the Summit, which is set to continue today with various side-events. TOWERS, FORTS & BATTERIES IN MALTA maltatoday TOWERS, FORTS & BATTERIES IN MALTA maltatoday w i t h M a l t aT od a y on S u n d a y €2.50 Order your copy now. Available with the maltatoday next Sunday The EU's 10 initiatives for a modern and clean economy: 1. Putting the financial sector at the service of the climate 2. EU External Investment Plan - Opportunities for Africa and the EU neighbourhood region 3. Urban Investment Support for European Cities 4. Clean Energy for Islands Initiative 5. Structural support action for coal and carbon intensive regions 6. European Youth for Climate Action 7. Smart finance for smart buildings investment facility 8. EU Rulebook for Investment in Energy Performance of Buildings 9. Investing in clean industrial technologies 10. Clean, connected and competitive mobility French President Emmanuel Macron is hosting the One Planet Summit in Paris