Amendments to IRS/ RES/ IHS/ PDS and SCS Regulations
20 Déc 2024
On Thursday, 28th November 2024, the Economic Development Board initiated a workshop focused on the EU Green Deal. This event, attended by nearly 100 participants, underscored the significance of aligning Mauritius with the EU’s ambitious roadmap to achieve climate neutrality by 2050. The EU lays emphasis on reform programs aiming to curb emissions across all sectors with a strong focus on energy, decouple growth from resource exploitation, and foster an inclusive green transition and to leave none behind, thus making Europe the first climate neutral continent by 2050.
As EU is a key trading partner to Mauritius, with exports averaging to 60%, it is relevant for our industry to bring necessary amendments to align with these policies. This workshop was an opportunity for the participants to take cognisance of the details of the new EU regulations and exchange views with experts on how they can take advantage of the tools available to move forward.
Strategic Insights from Key Speakers
In his opening remarks, Mr. Geerish Bucktowonsing, Director of Industry, SMEs, Freeport & Logistics at EDB, stressed on the importance for Mauritius to preserve its strong trading relationship with Europe. He called on local manufacturers to re-adapt and re-invent their business models and adhere more to sustainable practices to meet new standards and remain competitive.
Expert contributions came from distinguished representatives of Business Mauritius, the International Trade Centre (ITC), the Organisation for Economic Co-operation and Development (OECD), and the African Development Bank (AfDB).
Mrs. Amandine De Rosnay, Head of Sustainability and Inclusive Growth at Business Mauritius, thanked EDB Mauritius for this laudable initiative and highlighted the changing consumer patterns in the EU and their potential impact on Mauritius. She noted that while these shifts pose challenges, they also open doors for innovative products and sustainable growth opportunities.
Ms. Petra Walterova and Mr. Joseph Wozniak from ITC commended Mauritius for its progress in sustainability, citing the nation’s Roadmap and Action Plan for a Circular Economy (2023) and its commitment to achieving 60% renewable energy in the energy mix by 2030. They also recognized efforts in the sugar industry (adherence to Bonsucro standards) and the textile and apparel sector (compliance with the REACH standard), as strong examples of compliance with EU sustainability regulations. Additionally, ITC shed light on upcoming EU policies such as the Ecodesign for Sustainable Product Regulation (ESPR), which will set stringent sustainability standards for products sold within the EU.
Ms. Julia Del Valle, Policy Analyst at the Organisation for Economic Co-operation and Development (OECD) made a remarkable presentation on responsible business conduct in the Garment and Footwear Industry. She explained the importance of conducting proper due diligence in the entire supply chain, from sourcing of raw materials to retail of finished products.
Mr. Shakil Beedassy, Climate Finance Consultant at AfDB, provided an overview of financing solutions available for Mauritius’ green transition. He took example of innovative mechanisms like the Rwanda Green Investment Facility, which uses blended financing to drive green investments, and discussed climate funds and bank-managed trust funds as tools to support SMEs and energy initiatives. He reiterated AfDB’s commitment to fostering a cleaner energy sector across Africa, aiming for universal access to affordable and reliable energy by 2030.
Embracing the Opportunities of the EU Green Deal
The EU Green Deal presents Mauritius with a unique opportunity to not only sustain market access but also attract green investments, forge partnerships, and innovate products for eco-conscious markets. Portfolio Managers in their quest for viable projects would find a number of future unicorns with high potential for regional and international success within this emerging sector.
The workshop concluded with a consensus among stakeholders: Mauritius has always shown resilience and has the capability to adapt to the exigencies of the demand side. By embracing the EU Green Deal, Mauritius is well-positioned to solidify its reputation as a reliable supplier of sustainable goods and services, ensuring long-term growth and prosperity in the evolving global market.
Our green future is not just a vision — it is in the making.
