UAE, France, India Establish Trilateral Cooperation Initiative in Energy, Climate Change

A solar power plant in Dubai, UAE. (WAM)
A solar power plant in Dubai, UAE. (WAM)
TT

UAE, France, India Establish Trilateral Cooperation Initiative in Energy, Climate Change

A solar power plant in Dubai, UAE. (WAM)
A solar power plant in Dubai, UAE. (WAM)

UAE, France and India announced on Saturday a formal trilateral cooperation initiative with the aim of expanding cooperation in several areas of mutual interest, including energy and climate change.

The plan was finalized during a phone conversation among UAE's FM Sheikh Abdullah bin Zayed Al Nahyan, India’s Minister for External Affairs Subrahmanyam Jaishankar, and French Minister for Europe and Foreign Affairs Catherine Colonna.

The initiative will serve as a platform to expand cooperation between the three countries’ development agencies on sustainable projects, as well as to organize a range of trilateral events in the framework of the Indian Presidency of the G20 and the UAE’s hosting of COP28 in 2023.

“The three sides agreed that the trilateral initiative will serve as a forum to promote the design and execution of cooperation projects in the fields of energy, with a focus on solar and nuclear energy, as well as in the fight against climate change and the protection of biodiversity, particularly in the Indian Ocean region.

“For this purpose, the three countries will explore the possibility of working with the Indian Ocean Rim Association (IORA) to pursue concrete, actionable projects on clean energy, the environment, and biodiversity,” according to the joint statement.

Furthermore, it was agreed that the three countries will seek to ensure greater alignment of their respective economic, technological, and social policies with the objectives of the Paris Agreement.

“In support of these endeavors, a range of trilateral events will be organized in the framework of the Indian Presidency of the G20 and the UAE’s hosting of COP-28 in 2023, respectively. The three countries also agreed to expand their cooperation through initiatives such as the Mangrove Alliance for Climate led by the UAE and the Indo-Pacific Parks Partnership led by India and France.”

It was agreed that the three countries should seek to focus on key issues such as single-use plastic pollution, desertification, and food security in the context of the International Year of Millets-2023.

The three sides also underlined their keen desire to cooperate in the field of circular economy under the aegis of India’s Mission LiFE.

It was acknowledged that defense is an area of close cooperation between the three countries. Therefore, efforts will be undertaken to further promote compatibility, joint development, and co-production, whilst seeking out avenues for further collaboration and training between the three countries' defense forces.

The statement continued that the three countries will also seek to strengthen exchanges of views on emerging threats from infectious diseases, as well as on measures to fight against future pandemics.

“In this regard, cooperation in multilateral organizations such as World Health Organization (WHO), Gavi-the Vaccine Alliance, the Global Fund, and Unitaid will be encouraged. Further, the three countries will attempt to identify tangible cooperation on implementing the “One Health” approach, and support the development of local capacities in biomedical innovation and production within developing countries.”

As countries at the very forefront of technological innovation, the development of trilateral cooperation between relevant academic and research institutions and efforts to promote co-innovation projects, technology transfer, and entrepreneurship will be encouraged.



ECB's Lagarde Renews Integration Call as Trade War Looms

FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
TT

ECB's Lagarde Renews Integration Call as Trade War Looms

FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo

European Central Bank President Christine Lagarde renewed her call for economic integration across Europe on Friday, arguing that intensifying global trade tensions and a growing technology gap with the United States create fresh urgency for action.
US President-elect Donald Trump has promised to impose tariffs on most if not all imports and said Europe would pay a heavy price for having run a large trade surplus with the US for decades.
"The geopolitical environment has also become less favorable, with growing threats to free trade from all corners of the world," Lagarde said in a speech, without directly referring to Trump.
"The urgency to integrate our capital markets has risen."
While Europe has made some progress, EU members tend to water down most proposals to protect vested national interests to the detriment of the bloc as a whole, Reuters quoted Lagarde as saying.
But this is taking hundreds of billions if not trillions of euros out of the economy as households are holding 11.5 trillion euros in cash and deposits, and much of this is not making its way to the firms that need the funding.
"If EU households were to align their deposit-to-financial assets ratio with that of US households, a stock of up to 8 trillion euros could be redirected into long-term, market-based investments – or a flow of around 350 billion euros annually," Lagarde said.
When the cash actually enters the capital market, it often stays within national borders or leaves for the US in hope of better returns, Lagarde added.
Europe therefore needs to reduce the cost of investing in capital markets and must make the regulatory regime easier for cash to flow to places where it is needed the most.
A solution might be to create an EU-wide regulatory regime on top of the 27 national rules and certain issuers could then opt into this framework.
"To bypass the cumbersome process of regulatory harmonization, we could envisage a 28th regime for issuers of securities," Lagarde said. "They would benefit from a unified corporate and securities law, facilitating cross-border placement, holding and settlement."
Still, that would not solve the problem that few innovative companies set up shop in Europe, partly due to the lack of funding. So Europe must make it easier for investment to flow into venture capital and for banks to fund startups, she said.