Author: sHq_LoGiNz

NEW YORK, Sept. 2, 2025 /PRNewswire/ — Vantage Market Research has recently published a research report titled “Specialty Polymers Market Size, Share & Trends Analysis Report by Product Type (Elastomers, Thermoplastics, Thermosets, Composites, Biodegradable Polymers, Others), by Processing Technology (Injection Molding, Extrusion, Blow Molding, Compression Molding, 3D Printing & Additive Manufacturing), by End Use (Automotive, Aerospace, Medical, Electrical & Electronics, Building & Construction), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Historic Data (2021–2024) & Forecast Period (2025–2035).”

The global Specialty Polymers Market, valued at USD 87.5 Billion in 2024, is projected to reach approximately USD 179.48 Billion by 2035, expanding at a compound annual growth rate (CAGR) of 6.75% over the forecast period.

The demand for specialty polymers is rising due to their superior performance characteristics, including high thermal stability, chemical resistance, lightweight structure, and enhanced mechanical strength. Growth is further supported by increasing adoption across automotive, aerospace, electronics, packaging, medical devices, and renewable energy applications, as industries shift toward advanced, sustainable, and high-performance materials.

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Key Takeaways:

• Asia Pacific dominated the global specialty polymers market with over 40% share in 2024, led by strong demand from automotive, electronics, and industrial manufacturing in China, Japan, and India.
• North America is anticipated to grow steadily, driven by innovations in aerospace, defense, and healthcare sectors.
• By product type, the elastomers segment held the largest share due to their widespread use across automotive, aerospace, and electronics industries, where high-performance elastomers such as silicone, polybutadiene, and polyurethane deliver superior flexibility, durability, and thermal resistance.
• By application, the automotive sector is projected to expand rapidly as OEMs increasingly use specialty polymers to enhance fuel efficiency, durability, and sustainability.

Top Key Players for Specialty Polymer Market

• 3M Company
• Arkema S.A.
• BASF SE
• Evonik Industries AG
• Solvay S.A.
• Croda International Plc
• Specialty Polymers, Inc.
• PolyOne Corporation (now Avient Corporation)
• Dow Inc.
• Clariant AG

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“With increasing demand for lightweight, high-performance, and eco-friendly materials, specialty polymers are no longer just an option—they are becoming a critical driver of innovation and competitive advantage across automotive, aerospace, medical, and electronics industries,” said Nneha Rathod Godbole, Founder and CEO at Vantage Market Research.

Market Overview & Potential

The global specialty polymers market, valued at USD 87.5 Billion in 2024, is projected to expand at a healthy CAGR of 6.75% to reach USD 179.48 Billion by 2035, underscoring its pivotal role in modern manufacturing and high-performance applications. Specialty polymers are widely utilized in advanced electronics, automotive, packaging, and medical devices, offering properties that conventional polymers cannot deliver. Growing emphasis on lightweighting in transportation, rising adoption of renewable energy infrastructure, and rapid advances in electric vehicles (EVs) are fueling market expansion.

Sustainability trends and regulatory shifts are reshaping the industry landscape. The push for recyclable, bio-based, and eco-friendly specialty polymers is accelerating investments in green chemistry and circular economy solutions. Multinational manufacturers are developing advanced formulations for biodegradable packaging, next-generation medical devices, and energy-efficient coatings, reinforcing the market’s long-term growth trajectory.

What Factors Are Accelerating the Demand and Growth of the Specialty Polymer Market?

The growth of the global specialty polymers market is being accelerated by rising demand for lightweight and high-performance materials in automotive and aerospace sectors, where reducing carbon emissions and enhancing efficiency are top priorities. In the electronics industry, specialty polymers play a vital role in insulation, semiconductors, and flexible displays. The medical industry is another key growth driver, with polymers increasingly used in implants, surgical instruments, and drug delivery systems due to their biocompatibility. Additionally, renewable energy projects, including wind turbines and solar panels, are expanding the adoption of specialty polymers for their weather resistance and durability. Packaging innovations, especially sustainable and flexible solutions, further boost demand.

What are Emerging Trends Shaping the Specialty Polymer Market?

• Growing Role in Electric Vehicles (EVs): Specialty polymers are increasingly replacing metals in EV batteries, insulation, and lightweight components to improve performance and extend range.
• Sustainability & Bio-Based Polymers: Companies are investing in eco-friendly polymers, including biodegradable and recyclable solutions, in response to global environmental concerns.
• Medical Device Innovation: The rising use of specialty polymers in minimally invasive devices, implants, and diagnostic tools is expanding opportunities in the healthcare sector.
• Advanced Packaging Solutions: Specialty polymers are enabling smart packaging, barrier films, and sustainable alternatives to conventional plastics.
• Aerospace & Defense Applications: High-performance polymers with superior thermal and mechanical properties are being deployed in aircraft structures, coatings, and defense equipment.

What are Major Challenges Hindering Specialty Polymer Market Growth?

The specialty polymers market faces challenges such as high production costs compared to conventional polymers, limiting their adoption in cost-sensitive industries. Volatility in raw material prices, particularly petrochemical feedstocks, can affect profitability. Stricter environmental regulations on plastic waste and chemical emissions also add compliance pressures. Additionally, competition from alternative lightweight materials such as composites and metals, along with technological complexity in developing bio-based polymers at scale, poses hurdles for manufacturers.

Recent Developments

• In 2025, Arkema introduced Zenimid, an ultra-high-performance polyimide range tailored for aerospace, automotive, electronics, and industrial sectors. This flagship product underscores Arkema’s expansion in high-performance polymers
• In July 2025, AGC introduced new grades in its AFLAS FFKM fluoroelastomer series, developed without surfactants or fluorinated polymerization solvents—marking a first-of-its-kind innovation in the industry. The newly launched SF grades deliver the same high performance as traditional fluoroelastomers while meeting the rising demand for more sustainable and environmentally responsible production processes.
• In March 2025, the Abu Dhabi National Oil Company (ADNOC) and OMV announced plans to establish a global polyolefins leader by merging Borouge and Borealis into Borouge Group International. As part of this consolidation, the new entity will acquire Nova Chemicals in a landmark deal valued at USD 13.4 billion, significantly strengthening its global market footprint.

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Strategic Insights for Decision-Makers:

How Will This Market Impact Manufacturing and Industrial Supply Chains?

The specialty polymers market plays a pivotal role across automotive, aerospace, electronics, and medical industries. These polymers are essential for lightweight components, high-performance elastomers, bio-based plastics, and advanced composites. As demand for energy-efficient vehicles, renewable energy systems, and sustainable packaging grows, secure and cost-effective access to specialty polymers will become critical. Any disruption in polymer supply or price volatility in feedstocks (like petrochemicals, bio-based monomers, or specialty additives) can directly impact manufacturing timelines, production costs, and end-product quality.

• Impact: Manufacturers will increasingly seek long-term supplier partnerships, diversify sourcing across Asia Pacific, North America, and Europe, and invest in backward integration or in-house compounding to stabilize supply and mitigate risks.

What Risks Should Investors Track?

Investors should monitor three main risks in the specialty polymers market:

1. Feedstock Volatility: Fluctuating prices of petrochemicals and bio-based monomers can squeeze margins for polymer producers.
2. Regulatory Pressure: Stringent environmental regulations (REACH, EU Green Deal) and mandates for recyclable/biodegradable materials may require costly reformulations.
3. Substitution Risk: Emergence of next-gen materials, such as biopolymers or advanced composites, could reduce demand for conventional specialty polymers.

Additionally, supply chain disruptions, such as geopolitical tensions or shipping bottlenecks, may create regional shortages, impacting profitability for downstream industries like automotive and electronics.

What Opportunities Exist for Sustainable Materials Leaders?

Sustainability and lightweighting pressures are reshaping the specialty polymers landscape. Bio-based and eco-friendly polymers are projected to grow at nearly twice the CAGR of conventional polymers. Leaders in green polymer chemistry can capitalize on:

• Bio-based and biodegradable polymers → appealing to regulators, OEMs, and eco-conscious brands.
• Advanced composites for EVs and aerospace → supporting energy efficiency and emission reduction targets.
• Medical-grade polymers → aligned with next-gen therapeutics, implants, and diagnostics.

For green chemistry and materials innovation leaders, this is a strategic inflection point: early investment in sustainable polymer R&D and production capacity can secure premium margins while also attracting ESG-focused investors and long-term industrial partnerships.

Regional Insights

What Makes Asia Pacific the Powerhouse of the Specialty Polymer Market?

Asia Pacific dominated the global specialty polymers market in 2024, accounting for over 41.3% of total revenue, driven by rapid industrialization, a booming automotive sector, and strong electronics manufacturing hubs in China, Japan, South Korea, and India. China alone contributes nearly 30% of the world’s electronics output, heavily relying on specialty polymers for semiconductors, displays, and batteries. The region is also at the forefront of EV expansion—China sold 9.5 million EVs in 2024, while India’s EV market grew by 33% YoY, both fueling demand for high-performance polymers in batteries, lightweight components, and thermal management applications. Additionally, government-backed renewable energy projects, particularly solar and wind, further amplify consumption.

How Does North America Strengthen its Position in the Global Specialty Polymer Market?

North America represented about 25% of the global market share in 2024, with the U.S. leading in innovation and R&D investments. The region’s specialty polymer demand is reinforced by strong adoption in aerospace, defense, and medical devices, with the U.S. aerospace sector alone valued at USD 418 billion in 2024. High focus on advanced composites and bio-based polymers is supported by regulatory initiatives promoting sustainability. The healthcare sector also plays a critical role—medical device sales in the U.S. surpassed USD 190 billion in 2024, requiring biocompatible specialty polymers for implants, drug delivery, and surgical instruments.

Why is Europe Emerging as a Leader in Sustainable Specialty Polymer Production?

Europe accounts for nearly 21% of the global market, spearheading sustainable innovation in specialty polymers. Stringent EU regulations, such as REACH and the Green Deal, have accelerated the adoption of recyclable, biodegradable, and bio-based polymers. Germany and France lead R&D in eco-friendly polymer chemistry, while the European automotive sector—valued at over USD 450 billion in 2024—is increasingly integrating lightweight specialty polymers to meet stringent CO₂ emission targets. Packaging is another high-demand area, as Europe consumes ~20 million tons of plastic annually, with a growing share being replaced by specialty polymers designed for recyclability and biodegradability.

How Is Latin America Unlocking New Growth Opportunities in the Specialty Polymer Market?

Latin America accounted for around 7% of the global market in 2024, with demand accelerating in packaging, construction, and automotive industries. Brazil, producing 2.5 million vehicles annually, is a key driver of automotive-grade specialty polymers. Mexico, serving as a North American manufacturing hub, is expanding its polymer consumption in electronics and industrial applications. Growing emphasis on sustainability has opened opportunities in eco-friendly packaging, with Brazil’s packaging market alone expected to cross USD 25 billion by 2030, offering a strong platform for specialty polymer adoption.

What Role Does the Middle East & Africa Play in the Specialty Polymers Market Expansion?

The Middle East & Africa (MEA) is poised for steady growth due to rising investments in infrastructure, oil & gas, and renewable energy. Saudi Arabia’s Vision 2030 and the UAE’s industrial strategy are driving specialty polymer adoption across petrochemicals, construction, and water treatment sectors. South Africa’s renewable energy market, projected to grow at over 7% CAGR, is also creating demand for specialty polymers in wind turbine blades, solar panels, and energy storage systems. 

Segmental Insights

By Type

Why Did Elastomers Dominate the Specialty Polymer Market in 2024?

Elastomers dominated the specialty polymers market in 2024, accounting for 33.4% of total revenue, supported by their extensive use in tires, seals, gaskets, medical devices, and electronics. Within elastomers, polyurethanes held nearly 12.5% share, making them the largest sub-category due to their versatility in automotive interiors, footwear, and insulation applications. Elastomers are projected to grow at a 6.8% CAGR through 2035, fueled by demand from EVs and sustainable construction materials.

By Processing Technology

Which Processing Technology Segment Leads the Specialty Polymer Market?

Injection molding accounted for 37.2% of the processing technology segment in 2024, making it the dominant method in specialty polymer production. Its widespread use in automotive parts, consumer goods, packaging, and electronics housings is attributed to high efficiency, cost-effectiveness, and precision. The segment is expected to expand at a 7.1% CAGR during 2025–2035, supported by the integration of 3D-printed molds and automated production lines.

By End Use

Which end user account for the largest market share in 2024?

The automotive sector represented the largest share of the market in 2024 at 36.5%, driven by rising adoption of lightweight composites, high-performance elastomers, and thermoplastics in EV battery systems, interiors, and structural components. With the EV market projected to grow at over 20% annually, demand for specialty polymers in this sector will remain strong.

Browse market data Tables and Figures spread through 235 Pages and in-depth TOC on Specialty Polymer Market Forecast Report (2025-2035).

Segments Covered in The Report

 Type

• Elastomers (Natural rubber, Polyurethanes, Polybutadiene, Silicone, Neoprene)
• Thermoset’s polymers
• Thermoplastic polymers
• Composites polymer
• Electroluminescent polymers
• Biodegradable polymers
• Liquid crystal polymers
• conducting polymers
• Others

Processing Technology

• Injection Molding
• Extrusion
• Blow Molding
• Compression Molding
• Rotational Molding
• Thermoforming
• 3D Printing & Additive Manufacturing

End Use

• Automotive
• Building and Construction
• Adhesives and Sealants
• Electrical and Electronics
• Medical
• Aerospace
• Marine
• Other

Region

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• France
• U.K.
• Italy
• Spain
• Nordic Countries
• Benelux Union
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• South-East Asia
• Rest of Asia Pacific
• Latin America
• Brazil
• Argentina
• Rest of Latin America
• Middle East & Africa (MEA)
• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of MEA

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Key Questions Answered in The Report:

• Which region is expected to witness the fastest and highest growth in the specialty polymers market over the next decade?
• Who are the top five players in the market, and what are their key strengths and weaknesses?
• What major innovations and technological advancements are anticipated in specialty polymers over the next six years?
• Which end-use applications and polymer types are projected to hold the largest market share?
• What are the primary growth drivers, market restraints, and industry challenges influencing the specialty polymers sector?
• What will be the market size and CAGR of the specialty polymers market for the base year and forecast period?
• How will sustainability trends, bio-based polymers, and regulatory policies shape market dynamics?
•  What opportunities exist for new entrants and green chemistry leaders in the specialty polymers market?

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SOURCE Vantage Market Research

OSLO, Norway, Sept. 2, 2025 /PRNewswire/ — Hexagon Agility, a subsidiary of Hexagon Composites ASA (OSE: HEX.OL) and the world’s leading provider of natural gas (CNG/RNG) fuel systems, has received a new wave of orders totaling USD 4.2 million (approx. NOK 42 million). These orders are for fuel systems installations in trucks powered by Cummins’ X15N natural gas engine, designed specifically for the North American heavy-duty truck market.

This latest batch of orders have come from over 10 leading Class 8 fleets in the United States and Canada, and span multiple industries, including logistics, food & beverage, oil & gas, and construction companies.

“Even in a challenging freight environment, we’re seeing broad uptake from across North America as fleets look to transition from diesel to natural gas,” Eric Bippus, Chief Commercial Officer at Hexagon Agility. “Adoption is gaining traction across industries, driven by the new 15L natural gas engine’s diesel-like performance and the immediate fuel cost savings and emissions reductions of natural gas and renewable natural gas.” 

The North American truck market 

Approximately 300,000 heavy-duty trucks are sold annually in the North American market. Previously, 100,000 of these trucks made up the addressable market for natural gas solutions. Now with the Cummins X15N natural gas engine there are natural gas trucks today that are well-suited for every operational, haul and load requirement a fleet may have, adding 200,000 heavy-duty trucks to the addressable market for CNG/RNG annually. 

With power ratings up to 500 hp (~370 kW) and torque up to 1850 lb.-ft (~2500 Nm), the new 15L engine meets the needs of long haul/heavy load demands for high horsepower and offers a range of up to 1,200 miles (2,000 km), matching the capabilities of diesel.

Natural gas trucking is supported by a robust network of over 1,600 public and private CNG/RNG fueling stations across key transport corridors in North America. 

Contacts:
Berit-Cathrin Høyvik, Senior Director, Communications, Hexagon Composites
Telephone: +47 988 92 161 | berit-cathrin.hoyvik@hexagongroup.com
David Bandele, CFO, Hexagon Composites
Telephone: +47 920 91 483 | david.bandele@hexagongroup.com

About Hexagon Agility
Hexagon Agility, a business of Hexagon Composites, is a leading global provider of clean fuel solutions for commercial vehicles and bulk gas transportation. Its product offerings include (renewable) natural gas bulk distribution systems of compressed gases, lightweight Type 4 composite natural gas cylinders, and (renewable) natural gas fuel systems. These products transport clean gaseous fuels and enable vehicles to reduce emissions while lowering operating costs. Learn more at hexagonagility.com and follow @HexagonAgility on X and LinkedIn.

About Hexagon Composites ASA
Hexagon delivers safe and innovative solutions for a cleaner energy future. Our solutions enable storage, transportation and conversion to clean energy in a wide range of mobility and industrial applications. Learn more at hexagongroup.com and follow @HexagonASA on LinkedIn.

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SOURCE Hexagon Composites ASA

Swedish company Baseload Capital today announced a strategic investment in Japanese geothermal energy developer Furusato Netsuden. The partnership aims to unlock Japan’s untapped geothermal potential and build a replicable model for sustainable energy development worldwide.

STOCKHOLM, Sept. 2, 2025 /PRNewswire/ — Combining a global investment portfolio with a community-rooted business model, this strategic partnership aims to scale clean, renewable energy respectfully, revitalizing local economies while honoring cultural heritage.

Furusato Netsuden brings deep local roots, trust, and operational expertise to the partnership, while Baseload Capital contributes international investment, global reach and the power of committed owners such as Google and Breakthrough Energy Ventures.

Japan’s untapped geothermal power

Japan has the third largest geothermal potential globally, with an estimated 23 GW, yet its current installed capacity is only 576 MW. This represents a major untapped opportunity for a country whose Green Transformation (GX) Strategy aims for net-zero emissions by 2050. Geothermal energy is clean, always-on, and space-efficient. That makes it an ideal solution for a mountainous, densely populated nation with high reliance on energy imports and growing clean-energy demand from AI and data centers.

Japan’s geothermal development has been slow, in part, because there’s no common business model that enables communities to share in the benefits. However, Furusato Netsuden and its local partners have developed a system to ensure communities benefit directly from geothermal energy.

The Waita model – a ground-breaking approach

In 2011, residents of the Waita area in Oguni Town, Kumamoto Prefecture, formed the limited liability company Waita-kai, which is owned by the community. In partnership with Furusato Netsuden, they set out to develop geothermal power together in a way that would revitalize the community. The name Furusato Netsuden combines the words for “hometown”, “heat” and “electricity”.

A respectful and collaborative business model

This model protects local land rights, ensures development is carried out on a scale appropriate for the area, and guarantees some of the revenues are re-invested in the community. Furusato Netsuden and Waita-kai regularly hold meetings with residents to share updates on operations, development, and environmental monitoring.

A growing geothermal portfolio

• In 2015, the 2 MW capacity Waita No. 1 geothermal power plant began commercial operation.
• Waita No. 2, currently under construction, is expected to deliver 5 MW and go online in March 2026.
• In addition to the 7MW currently operating or under construction in Waita, the overall portfolio includes a tangible pipeline of projects across Japan that are expected to deliver an additional 30+ MW over the next five to ten years.

Alexander Helling, CEO, Baseload Capital:

“Furusato Netsuden has successfully proven that community-based geothermal development works. Through this first investment, we’re proud and humbled to partner with them in scaling this approach, combining local engagement with sustainable energy development. Together, we aim to help Japan reach its 1.5 GW geothermal goal and strengthen national energy resilience.”

Kazuyuki Akaishi, Representative Director, Furusato Netsuden:

“Since 2020, we’ve built a foundation of trust with Baseload Capital, and seen that they are a committed, long-term partner in Japan’s energy transition. Their role as a strategic investor provides financial stability for our current and future projects. They also bring valuable global resources, including technology, business insights and an international network of investors and energy partners.”

Carmichael Roberts, Breakthrough Energy Ventures:

“Geothermal is one of the largest untapped opportunities in the global clean energy transition—providing reliable, carbon-free heat and power that can strengthen energy security and serve communities worldwide,” said Carmichael Roberts, Breakthrough Energy Ventures. “Baseload Capital is demonstrating how to unlock this potential by working hand in hand with trusted local partners like Furusato Netsuden. This partnership is a model for how communities across the globe can harness geothermal power.”

The goal of this partnership is to support Japan’s 7th Strategic Energy Plan and GX (Green Transformation) while establishing a scalable, community-focused blueprint for clean energy development – creating global impact with local roots.

About Baseload Capital:

We lead partnerships to scale up geothermal energy: a 24/7 available source of clean power and heat. Our global portfolio de-risks investments, expands the market and accelerates learnings in collaboration with strong owners and partners. 

Our parent company Baseload Capital invests in geothermal projects worldwide. Our subsidiaries, the Baseload Power companies, build, commission and operate geothermal heat and power plants funded by Baseload Capital. 

About Furusato Netsuden:

Our mission is to promote a geothermal power generation model that can coexist with the local community and revitalize rural areas, while also effectively utilizing geothermal resources in the carbon-neutral era.

Furusato Netsuden was established in 2012. Apart from our existing power plant and project pipeline, we are also advancing development in other regions in Japan and aim to expand this community-friendly model nationwide alongside Baseload Capital and our existing shareholders, including NTT Anode Energy Corporation, Rezil Inc., Matsuoka Kenki Co., Ltd., and The Kansai Electric Power Co., Inc. (Furusato Netsuden Website: https://furusato-nd.co.jp/)

For more information, please contact:
Kristina Hagström-Ilievska CMO, Baseload Capital
kristina.hagstrom.ilievska@baseloadcap.com
Tel: +46 (0) 732330039

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SOURCE Baseload Capital Sweden AB

HANGZHOU, China, Sept. 1, 2025 /PRNewswire/ — With over 30 years of experience in the energy sector, Narada has built strong capabilities in R&D, manufacturing, and application.

In China, Narada has formed long-term partnerships with leading enterprises such as China Mobile, China Telecom, GDS, ByteDance, and Alibaba. Internationally, Narada stands out as the one of non-local battery brand selected by the top five U.S. data centers, and has successfully expanded into premium markets across Asia-Pacific and Latin America.

The company has successfully developed a complete series of high-voltage lithium battery products, covering 6C/5C/2C/1C discharge rates, to meet the demands of high-end power application scenarios such as data centers.

Narada’s high-voltage lithium battery systems are designed to cover data center backup needs from 10 minutes to 2 hours. These systems offer key advantages such as compact footprint, intelligent management, and minimal maintenance. In recent years, they have been deployed at scale in large data centers opera ted by customers including GDS in China and KT in South Korea.

The HRL series of high-power lead-acid batteries, specially designed by Narada for data centers, feature a design life of 15 years and strong high-rate discharge capability. These batteries are ideal for critical backup scenarios lasting less than 15 minutes, meeting the demands for high reliability and high-density deployment.

Real-world application cases have shown that, compared to traditional lead-acid batteries, the HRL series delivers significant improvements in overall performance and system integration efficiency: a 35% increase in power output, 30% reduction in footprint, 10% lower load-bearing requirements, 37.5% reduction in carbon emissions, and a 15% reduction in initial cost—providing users with superior economic benefits.

Narada will deepen strategic cooperation with leading data centers globally, and seize growth opportunities in emerging digital markets.

 

View original content:https://www.prnewswire.com/news-releases/narada-the-future-of-data-centers-with-high-performance-backup-solutions-302543360.html

SOURCE Zhejiang Narada Power Source Co., Ltd

BEIJING, Sept. 1, 2025 /PRNewswire/ — On Monday, President Xi Jinping proposed the Global Governance Initiative (GGI) for the first time at the “Shanghai Cooperation Organization (SCO) Plus” Meeting. This initiative, following the Global Development Initiative (GDI), the Global Security Initiative (GSI), and the Global Civilization Initiative (GCI), marks another significant proposal by China. It has received high acclaim and active support from all sides. At a critical juncture when global governance is like rowing upstream – either advance or retreat – the proposal of the GGI comes at the right time. It not only aligns with the common expectations of the vast majority of countries in the world but also vividly demonstrates China’s sense of responsibility as a major power.

As the Concept Paper on the Global Governance Initiative points out, the current international landscape is undergoing changes and turbulence. The UN and multilateralism are being challenged. The deficit in global governance continues to grow. The existing international institutions have shown three deficiencies. First, serious underrepresentation of the Global South. The collective rise of emerging markets and developing countries necessitates boosting the representation of the Global South and redressing historical injustice. Second, erosion of authoritativeness. The purposes and principles of the UN Charter have not been effectively observed. Resolutions of the Security Council have been challenged. Unilateral sanctions, among other practices, have violated international law and disrupted the international order. Third, urgent need for greater effectiveness. The implementation of the UN 2030 Agenda for Sustainable Development is seriously lagging behind. Issues such as climate change and the digital divide are becoming more salient. Governance gaps exist in new frontiers such as artificial intelligence (AI), cyberspace and outer space. In this context, the reform and improvement of the global governance system have become significant concerns for the international community, with countries around the world eagerly anticipating more perspectives and solutions from China.

In his important speech at the “SCO Plus” Meeting, President Xi systematically elaborated on the five core principles of the GGI: adhering to sovereign equality, abiding by international rule of law, practicing multilateralism, advocating the people-centered approach, and focusing on taking real actions. These principles offer profound guidance on the pressing subject of our times of “what kind of global governance system to build and how to reform and improve global governance.”

Among them, sovereign equality is the primary prerequisite for global governance, the international rule of law is its fundamental safeguard, multilateralism is the basic path, the people-centered approach is its value orientation, and taking real actions is an important principle for global governance. These five core principles are fully in line with the purposes and principles of the UN Charter, resonate with the evolving trends of international relations, and carry both a strong sense of historical continuity and highly practical relevance.

For instance, in response to the so-called “pseudo-multilateralism,” which in reality amounts to forming exclusive “small circles,” the initiative clearly affirms its commitment to upholding the authority and central role of the UN. Concerning the vague rhetoric of a “rules-based order,” it explicitly defines the rules as the basic norms of international relations based on the purposes and principles of the UN Charter. Regarding double standards and attempts to enforce “homegrown rules” on others, it forcefully advocates that “international law and rules must be applied equally and uniformly.” These positions of the GGI make it clear that reforming and improving global governance is not about overturning the existing international order or creating a parallel system outside the current framework. Rather, it aims to strengthen the implementation and effectiveness of existing international systems and mechanisms, so they better adapt to changing circumstances, respond more promptly and effectively to global challenges, and serve the interests of all countries, especially developing nations.

As a permanent member of the United Nations Security Council and the largest developing country, China has always firmly committed to being a builder of world peace, a contributor to global development, a defender of international order, and a provider of public goods. The GGI is another important public good that China offers to the international community in the new era, following the GDI, the GSI, and the GCI. The GDI focuses on promoting international development cooperation, the GSI aims to resolve international disputes through dialogue and consultation, the GCI is dedicated to promoting exchanges and mutual learning among civilizations, and the GGI anchors the direction, principles, and pathways for reforming global governance systems and mechanisms. The four initiatives each have their own emphasis and are complementary, injecting more positive energy into a world fraught with challenges from different angles, and collectively providing strategic support for building a community with a shared future for humanity.

“History tells us that at difficult times, we must uphold our original commitment to peaceful coexistence, strengthen our confidence in win-win cooperation, advance in line with the trend of history, and thrive in keeping pace with the times.” As President Xi has profoundly pointed out, humanity has become a closely intertwined community with a shared future. Enhancing global governance is the right choice for the international community to share in development opportunities and address global challenges. We must stand firmly on the right side of history, and join hands with all progressive forces in the world to build a community with a shared future for humanity and make relentless efforts for mankind’s noble cause of peace and development. This is precisely the significant practical and far-reaching historical significance of the introduction of the GGI.

 

View original content:https://www.prnewswire.com/news-releases/the-proposal-of-the-global-governance-initiative-comes-at-the-right-time-global-times-editorial-302543349.html

SOURCE Global Times