CFM INDOSUEZ Wealth Management - 2019 annual report

23 the energy transition is under way The Principality of Monaco is committed to reducing its greenhouse gas emissions by 50% by 2030 compared to 1990 levels. To achieve this target and set the Principality on a course to carbon neutrality by 2050, the national action plan focuses primarily on the three sectors that produce the most greenhouse gases: road transport, waste treatment, and energy use in buildings. These sectors account for about 90% of the country’s emissions, with approximately 30% per sector. To help achieve this goal, HSH the Sovereign Prince has established the Mission for Energy Transition, which manages projects to limit greenhouse gas emissions and develop renewable energy. the principality has begun its digital revolution Major investments are being made in the digital transition. With € 26.9 million invested in 2019 and € 45 million earmarked for 2020, ambitious targets have been set for 2022: fibre optic coverage for the whole of Monaco, use of 5G technology, and the launch of the Monegasque cloud architecture. The Principality aims to bring digital technology into the daily life of Monaco citizens and residents and to position itself as a centre of innovation. To conduct the digital transition in Monaco, an inter-ministerial delegate for the digital transition has been appointed, with an increased budget and a team of 100 people. The three priorities are platforms, services and the digital economy. This strategy will place the digital transition at the centre of the Principality’s development. 2019 Activity Report monaco and the covid -19 health crisis The Prince’s Government set out measures to support businesses and workers affected by the health emergency and the resulting lockdown in a press release. The press release published on 31 March 2020 revealed the extent of the economic and social consequences of the crisis for Monaco. The immediate direct cost was estimated at around 35% of the Principality’s tax revenue of € 1.3 billion. However, Monaco has a number of resources including financial reserves of € 5.2 billion and its GDP of € 6 billion and it expects that the end of the health emergency, which many hope to see in May (with a gradual exit from the crisis), will make up for some of the shortfall.