‘We can’t afford to get it wrong’ – Edward Scicluna on the green and digital transition

Central Bank of Malta Governor Edward Scicluna called on all actors in the European and global development community to reflect on initiatives to address the green and digital transitions being pursued around the world, arguing that “this is one of the few momentous instances in history when the world cannot afford to get it wrong”.

The ex-Minister for Finance was speaking during the European Bank for Reconstruction and Development’s (EBRD) 30th annual meeting, held on Thursday.

The meeting is the key event in the yearly cycle of the EBRD, combining the reunion of the Board of Governors, representing the EBRD’s highest decision-making body, and the Business Forum, representing a wide cross-section of business guests from around the world.

The annual meeting is therefore an opportunity for the Bank’s leadership to meet and connect with over 50 delegations from around the world, including many from the 69 states that own it and the nearly 40 countries it operates in.

Established in 1991, the EBRD is an institution dedicated to promoting the transition towards a sustainable economy and the emergence of a strong private sector. It works with economies in Europe, Asia and Africa that are committed to and applying the principles of multiparty democracy, pluralism and market economics.

Malta is a founding member of the Bank.

Although this year marked the organisation’s 30th anniversary, the meeting was nonetheless held virtually due to COVID-19 restrictions.

Several resolutions were approved during the meeting, including a proposal to fully align the activities of the EBRD with the goals of the Paris Agreement by no later than 31st December 2022, a proposal to study a limited and incremental expansion of the activities of the institution to Sub-Saharan Africa and Iraq, and several financial and institutional reports.

In his address to the Board of Governors, apart from his request for efforts to seriously address the green and digital transformations, Prof. also requested the EBRD to cooperate with other Multilateral Development Banks to boost investment in the countries of operations in North Africa, known as SEMED.