The Team Europe partners and the Palestinian Authority announced the launching of 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 für 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. Following the signing of the financing agreement “Green Palestinian Economy” by the Palestinian Minister of National Economy and the European Union Representative, through a funding package of 47 million Euros, the Team Europe is supporting the Palestinians in their transition to a Green Economy. This package 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.

“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 do this in Europe under the Green Deal and we support it around the world. Here in Palestine, our Team Europe Initiative demonstrates clearly this vision. 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,” said the European Union Representative, Alexandre Stutzmann.