Global active fall-2022: world in transformation pressed by challenges and risks

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This November is tensely compacted with numerous global – as well as some national – events that can help us both understand the world “moving around” and show some perspective paths towards stable and prosperous future out of emerging crises. The state of global order is definitely affecting European integration’s process.  

The following are most spectacular events taking place this November (except the G-7 last June); they definitely will impact in some way the European integration process:

= G-20 takes place during 15-16 November G-20 summit in Bali (host country Indonesia, shortly before the G20 presidency passes to India) is expected to outline a multi-billion-dollar clean energy agreement with wealthier nations, which could help transition from coal-fired plants and instigate investment in renewables.
= G-7 summit already took place this June in Bavarian Alps as Germany takes over the G7 Presidency in 2022. The seven G7 countries are Canada, France, Germany, Italy, Japan, the UK and the US. Represented jointly by the President of the European Council and the President of the European Commission, the EU participates in all discussions as a guest; thus, in this way, the “seven” turns, usually into “nine” or even more.
Main outcomes of the G-7 summit were the following: the G7 leaders “endorse the goals of an open and cooperative international Climate Club, and will work with partners towards establishing it by the end of 2022”; the Climate Club will seek to advance ambitious and transparent climate change mitigation policies towards climate neutrality, transform industries to accelerate decarbonization, and boost international ambition through partnerships and cooperation. Besides, the leaders acknowledged that investment in natural gas “was necessary in response to the current crisis” and to accelerate the phase out of dependency on Russian energy, albeit as a temporary measure that does not create lock-in effects.

= COP27 will get underway in November: the climate talks in Sharm El Sheikh/Egypt are expected to include financial assistance for developing economies disproportionately impacted by “damage and loss,” and the “injustice at the heart of the climate emergency”. Additional key areas at COP27 will be investment in clean technologies, public subsidies for R&D in clean technology like offshore wind systems which can generate returns that are more than 40% higher than average.

= Besides, local elections in the US and Brazil in the fall, two vital G-20 members, are having their own effects on global issues. E.g. in the US the balance of power in Congress is at stake: it expected that as a result, the both parts of Congress are falling under the control of one party while the country’s administration – the White House – remains under another. The situation has actually been good for the economy in the past – but that’s probably not the case anymore. The US midterm elections for all the House seats and roughly a third of Senate seats will be held on 8 November.
Brazil should have the results of its own election soon, this one for president, and the country’s relationship with its top trading partner China has become campaign fodder. According to this piece, that relationship could help point Brazil’s economy away from an over-reliance on commodities and towards more tech-intensive sectors.

= As to a pressing energy crisis, the EU Cohesion Policy can really soften the blow of high energy bills for the Union’s consumers: hence, short-term and long-term solutions are at stake with investments in renewables as a clear priority. Besides, building new energy infrastructures, e.g. LNG terminals and interconnectors among block’s countries, will be essential for the EU’s energy resiliency. But, can Cohesion Funds play a role in advancing the EU’s energy infrastructure, or other essential means shall be included? For example, the European Socialists & Democrats, PES is calling for a European Pact for Affordable Energy and Social Cohesion.

Finally, FIFA World Cup men’s football competition will be played from 20 November to 18 December.

Note: the article was composed with the help of the World Economic Forum’s webpage on strategic intelligence.

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