Revista Ecopedia - Noiembrie 2022

Barsana Monastery, Maramureş, Romania

November 2022

photo: unsplash.com, Andra Dunare

Distributed at ECOMONDO 2022 exhibitions dedicated to circular economy and renewable

Economic stability at risk A society in a prolonged transition, with an artificial and ankylosed political system, in which the rift between politicians and citizens is ever greater, can use the electoral years to regulate or even reform the political space. But for this we need a real autonomy of the economy that escapes control or political intervention.

Any analysis of politics, either as a source and implementation of decisions, or as a struggle for decision-making positions, presupposes a vision of power. Starting from the premise that the economy has warmed up or even overheated, if we think about what economists call its "growth potential", then we must lucidly assess the risks that loom in this situation. An expansion of consumption, fueled by spectacular wage increases in the public sector, may ignite inflation in the coming months beyond the NBR's expectations. Apart from the risks of inflaming inflation, rising interest rates and increasing the cost of borrowing by the state, there is another danger associated with the overheating of the economy by consumption: the devaluation of the leu.

The devaluation pressures are, for the most part, the consequences of low state revenues, caused by reckless fiscal and salary policies, which will produce larger deficits. When consumption is the driving force, then tax revenues should have increased as well. But even if the INS had exaggerated a bit with the assessment of black and gray markets, which are also included in the GDP calculations, our economy and its apparently robust growth is far too fragile to accommodate reckless economic policies. In the event of a crisis, what is earned today in salary is not worth much tomorrow, a demonstration experienced after 2008, when the economy was simply "humming".

So the phrase "white money for dark days" fits perfectly with the trend of the year of grace 2022.

November 2022

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The human cost of climate change is making headlines almost daily. In a world of rising geopolitical tensions and daunting economic challenges, how can we seize the opportunity the upcoming UN Climate Change Conference offers to inspire an approach to mitigation and adaptation that is based on trust, justice, and equity?

The COP of No Return Sameh Shoukry - COP27 President-Designate and Egyptian Minister of Foreign Affairs

Some fear that this year's United Nations Climate Change Conference – to be held here on November 6-18 – will be an unintended casualty of the geopolitical tensions and economic challenges the world is facing. I believe the opposite: COP27 represents a unique and timely opportunity for the world to come together, recognize our common interests, and restore multilateral cooperation.

The human cost of climate change is making headlines almost daily. Global warming is no longer a distant or theoretical threat, but an immediate material one – a phenomenon that affects each of us, our families, and our neighbors. No society has been left unscathed by more frequent and noiembrie 2022

intense droughts, wildfires, storms, and floods. Millions of people are already battling for survival.

And that is with temperatures having risen by just 1.1° Celsius, relative to pre-industrial levels. As the Intergovernmental Panel on Climate Change has made clear, every additional tenth of a degree makes matters worse. Yet the changes needed to avert catastrophe are not being made, at least not fast enough, and the developing world is increasingly frustrated with rich countries' refusal to pay their fair share for a crisis for which they bear overwhelming responsibility.

But there is reason for hope. In my discussions with delegations around

the world, I see their determination to make COP27 a success. Already, societies are starting to act. Climate adaptation and new forms of collaboration are gaining traction, and investment in climate tech is booming.

This includes new carbon-removal technologies, electric transport solutions, and renewable energies. As a result, clean-energy prices continue to fall: almost two-thirds of renewable power added in G20 countries in 2021 cost less than the cheapest coal-fired options. My country, Egypt, is on track to produce 42% of its energy from renewable resources by 2035.

At the same time, civil society is devising mechanisms for holding companies and governments to account, guarding against greenwashing, and ensuring a just transition. There is a new focus on restoring nature.

More ambition, scale, and speed are needed, and the rules remain unclear or contested. But a process is underway, and there is no going back.

Even in countries that might seem to be wavering in their commitments – say, by investing in fossil-fuel infrastructure – officials insist that stopgap measures necessitated by immediate challenges should not be mistaken for long-term strategies. No one doubts the greener road ahead.

The question for those of us who will participate in COP27 is straightforward:

How can we seize the opportunity the conference offers to create a sense of common endeavor, prevent backsliding, and inspire an approach based on science, trust, justice, and equity?

At its heart, climate action is a bargain.

Developing countries have agreed in good faith to help tackle a crisis they did not cause, on the understanding that support – particularly financial support – would be provided to complement their own efforts, which are often limited due to their scarce resources and competing development needs. Developed countries must uphold their end of that bargain, by supporting both mitigation and adaptation, thus fulfilling their envisaged responsibilities in the Paris agreement.

On the mitigation front, we must move from rhetoric to action in cutting our greenhouse-gas emissions and removing carbon from our atmosphere. All countries must embrace more ambitious Nationally Determined Contributions, and then translate those pledges into programs.

We must act now to ensure appropriate resources are available to developing countries to unlock their potential.

At the same time, we must craft a transformative adaptation agenda, so that communities – especially in climate-vulnerable regions – can protect themselves from the effects

that are already unavoidable. The bill for this agenda must be divided fairly.

To date, a disproportionate share of climate finance has been directed toward mitigation, leaving developing countries largely to fend for themselves in financing adaptation investment. But even the finance provided for mitigation is far from sufficient and has not been delivered with the appropriate instruments.

In 2009, developed countries pledged to provide $100 billion annually for climate action in the developing world by 2020. This is only a small portion of the more than $5.8 trillion that is needed (up until 2030), according to the UN Framework Convention on Climate Change's Standing Committee on Finance. And yet this amount has not been delivered. We need an increase in the scale of finance pledges – especially for adaptation – at COP27, compared to those made at COP26 in Glasgow.

Developed countries must also honor the pledge they made last year to double adaptation finance by 2025, and they should provide the assurances needed for the Green Climate Fund's new replenishment.

And the time has come to address the loss and damage suffered by countries that did not cause the climate crisis.

This remains contentious, but I believe that we can approach it constructively, guided by the priorities of developing countries, for the benefit of all.

A just transition must account for the needs of various regions. For example, African countries are committed in principle to adopting renewable energy and refraining from exploiting their fossil-fuel resources. But 600 million people in Africa – 43% of the continent's population – currently lack electricity, and around 900 million don't have access to clean cooking fuels. The climate-action bargain demands that this be addressed, and the continent's broader development needs be met, in sustainable ways.

All of these imperatives must be pursued together, with a carefully designed package of actions, rather than through piecemeal measures.

They are the pillars of a just transition.

If one is missing, the entire edifice collapses.

Ahead of the 2015 COP in Paris, few believed that an agreement would be reached. Yet delegates from all over the world came together, and through skill and perseverance, reached a groundbreaking deal. In 2022, we face even higher hurdles, so we must work even harder to clear them. If we do, we will usher in a new age of clean energy, innovation exchange, food and water security, and greater climate justice.

As daunting as this challenge is, we have no choice but to confront it. We must negotiate with one another, because there can be no negotiating with the climate.

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The region of Transylvania (Central Romania) brings to minds of many the legend of Count Dracula.

While the legend is certainly intriguing, the region has much more to offer. Some of Europe's best-preserved medieval towns, most notably Sighisoara, Brasov and Sibiu, are located in Transylvania.

Visitors can marvel at Transylvania's unique architectural treasures, such as castles, fortified churches and centuries-old houses, while exploring sites where more than 900 years ago Saxon craftsmen and merchants established powerful and rich citadels.

During the middle of the 12th century Saxon settlers came to the area from the Luxembourg, Lorraine, Moselle, Rhine and Wallonia regions of northwestern Europe. They called their new home 'Siebenburgen' (Septem Castra in Latin) after the seven major walled towns they built here: Bistrița (Bistritz), Sebeș (Mühlbach), Brașov (Kronstadt), Sibiu (Hermannstadt), Cluj Napoca (Klausenburg), Sighișoara (Schassburg), Mediaș (Mediasch).

Medieval Towns TRANSYLVANIA Ella Dobre

Brașov Fringed by the peaks of the Carpathian Mountains and resplendent with gothic, baroque and renaissance architecture, as well as a wealth of historical attractions, Brasov Old Town, located less than three hours north of Bucharest, provides a great introduction to Transylvania region. Among Brasov's best know attractions are the Council Square, the beautiful St. Nicholas Church, the Black Church – the largest Gothic church east of Vienna – so named because of its dark walls which survived a devastating fire in 1689, and Brasov Fortress. In close proximity to Brasov are the fortified churches Harman, with its massive 13th century defending towers, and Prejmer, the biggest fortified church in Southeastern Europe. Visit Brasov's many historic sites before heading west to Sibiu.

Sibiu Designated European Capital of Culture in 2007, Sibiu retains the grandeur of its earlier days when rich and powerful guilds dominated regional trade. Explore the old city center with its upper town, home to most of Sibiu's historic sites, and lower town, lined with colorful houses on cobblestone streets and bounded by imposing city walls and defense towers overlooking the river Cibin.

Sibiu makes an ideal base for the exploration of the nearby countryside and villages.

Located at the foothills of the Cindrel Mountains, a half-hour drive from Sibiu, is Marginimea Sibiului - a string of 18 villages, rich in architecture, history and heritage.

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Sighișoara Transylvania is also home to the charming town of Sighisoara, a perfectly intact 15th century gem with nine towers, narrow passageways and cobbled streets, burgher houses and ornate churches. A UNESCO World Heritage Site, Sighisoara is also the birthplace of Vlad Draculea, nicknamed Vlad the Impaler (Vlad Tepes), ruler of Walachia southern Romania - from 1456 to 1462. It was Vlad who inspired Bram Stoker's fictional creation, Count Dracula. His house is just one of many attractions here. Others include: the Church on the Hill, with its 500-year-old frescoes; the Church of the Dominican Monastery, known for its Transylvanian Renaissance carved altarpiece, baroque painted pulpit, Oriental carpets and 17th century organ; and the Venetian House, built in the 13th century. In the nearby countryside, another UNESCO World Heritage town, 13th century Biertan , stands high on a hill as one of the largest and most impressive medieval strongholds in Transylvania. noiembrie 2022

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Cluj Napoca The largest city in Transylvania, Cluj Napoca, tracing its origin back to the Dacian settlement of Napoca in 2nd century A.D., is today a vibrant cultural and university center. The main square, resplendent with 18th and 19th century buildings, is dominated by the 15th century St. Michael's Church, one of the finest examples of Gothic architecture in Romania. The square is also home to the 18th century baroque Banffy Palace, housing the weaponry and Romanian painting collections of the Art Museum. Visitors who want to learn more about the region should check out the open-air section of the Ethnographic Museum of Transylvania, a true display of folk architecture. Spend an enjoyable evening at the Opera or attend a classical concert offered by the Cluj State Philharmonic.

Bistrița Located at the foot of the Bargau Mountains, not far away from Borgo Pass which connects Transylvania to Bucovina, the town of Bistrita is one of the oldest in the region. Saxon colonists, who settled in the area in 1206, helped develop the town into a flourishing medieval trading post. The old town's quaint 15th and 16th century merchant houses, the remains of the 13th century fortress walls, and the city's unhurried pace have preserved some of Bistrita's once-thriving medieval atmosphere. Not to be missed attractions include: the 14th century Saxon Evangelical Church; the arcaded Sugatele row; the Silversmith's House; Coopers' Tower; and the County History Museum.

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Mediaș The medieval centre of the ancient settlement of Medias has a particular charm, with narrow winding lanes, centuries-old houses and a large pedestrian square. The fortified St. Margaret Evangelical Church, erected in the 15th century on the ruins of a Roman basilica, dominates the old town. The church, enclosed by two rows of walls and several defense towers (one of which served as prison cell for Vlad the Impaler in 1467), features three superb Gothic altarpieces, a colorful Baroque organ and some early 15th century frescoes.

Sebeș During the middle ages, Sebes was a flourishing economic and political centre. Like all Saxon medieval citadels, the town was renowned for its crafts and trade, serving from 16th to 18th century as a seat for the Transylvanian Diet. Main attractions include: the 12th century Evangelical Church; the 14th century Fortress and the 15th century Zapolya House.

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Although businesses and investors stand to make a lot of money if they can properly navigate the new risk environment, no one seems to have a good explanation for why we are where we are. Climate risks, in particular, have been systematically underestimated, and thus mispriced, for decades.

Gernot Wagner climate economist at Columbia Business School

The High Stakes of Climate-Risk Accounting Economists are supposed to be good at understanding risk. Decisionmaking in the face of uncertainty, after all, is the discipline's bread and butter.

Yet at a time when real-world risks – geopolitical, macroeconomic, financial, public-health, and environmental – are piling up, many economists seem to be at a loss.

Although businesses and investors stand to make a lot of money if they can properly assess and navigate the current risk environment, no one seems to have a good explanation for why we are where we are. This is especially true in the case of climate change: It is now clear that the risks have been systematically underestimated, and thus mispriced, all along.

One explanation for this is that market participants have failed to understand the size and the probability of the risk, because they have been thinking about the issue in the wrong way. The climate system is not like a casino with well-defined outcomes and probabilities. As a 1987 comment in Nature put it, changes within our planet's systems may bring all kinds noiembrie 2022

Tom Brookes Executive Director Strategic Communications at the European Climate Foundation

of “unpleasant surprises.” It is as if we were playing with decks of cards that include some unknown number of jokers. Moreover, one also must account for the inherent conservatism of the science. Climate researchers, especially, tend to err on the side of caution.

A classic case is the quantification of sea-level rise. Broadly speaking, sea levels rise for three reasons: melting polar ice caps, melting inland glaciers, and the fact that warmer water takes up more space. But in the Intergovernmental Panel on Climate Change's reports in the early 2000s, the headline figures fully accounted only for melting glaciers and thermal expansion. Scientists of course knew that global warming would melt polar ice, and that this effect might be the most consequential of the three. But because the estimates for how much faster the poles would melt differed by so much at the time, they were excluded from the headline figures.

That omission has long since been corrected. But it is now economists who are lagging behind in quantifying the economic damages associated with rising seas and the many other interlinked risks and uncertainties accompanying climate change.

Quantifying climate-related damage is

painstaking work; and in an academic environment that prizes new ideas over what might seem like a mere “accounting” exercise, it is not the kind of work that brings much reward or recognition.

Nonetheless, economists going back to Simon Kuznets, the “father” of the gross domestic product, have been some of the leading critics of economic metrics that purport to represent overall well-being. GDP is central to macroeconomic analysis, but it leaves out many other important indicators, such as those measuring human and planetary health. Standing forests and clean air and water have no value in nationalincome accounting unless they enter the economy directly as factors of production.

Fortunately, an initiative by US President Joe Biden's administration aims to correct this shortcoming by developing a new set of “statistics for environmental-economic decisions.”

While this effort is not the first of its kind in the world, it is among the most ambitious. The goal is to supplement GDP with a far more comprehensive set of accounts, and then to use this new metric to guide policy decisions.

Such a change is long overdue.

Climate change might not have grown into the problem that it has become if its damages had been incorporated into national accounts all along.

This points to a second, equally important reason why climate and other risks have been mispriced. It is one thing for scientists, economists, and informed members of the public to recognize that many risks and uncertainties are not priced; it is quite another to adopt policies that discourage businesses from pushing those risks onto society.

For business leaders, the top climate risk, according to a recent Federal Reserve Bank of San Francisco survey, is that climate change will influence “rules and regulations related to our business.” Executives correctly anticipate that policymakers will want them to pay for greenhouse-gas emissions and other negative externalities instead of being

permitted to socialize those costs.

Such measures inevitably will fall into the realm of politics, but economists must not confuse their political preferences with sound policy. Those who are ideologically inclined to look to the “free” market as a guiding principle for organizing society must recognize that a market can function well only when no externality is left unaccounted and unpaid for.

Another Biden administration accounting initiative could help here.

The US Securities and Exchange Commission's proposed rules for climate-related disclosures would compel companies to standardize and report both the impact of their operations on the climate and the risks that climate change poses to those operations. The SEC's effort stops short of asking all polluters to pay for their own pollution; instead, it leaves it up to investors to decide what to do with the new information.

Economists must defend the pivotal role their advice plays in policymaking.

The political forces and special interests that bear on this issue will skew their advice and skewer the advisers. But that must not become an excuse for inaction. Intellectual honesty demands that economists and policymakers grapple with how new risks and uncertainties can and will affect outcomes.

Tallying what's known is hard enough.

Accounting for hard-to-price risks and uncertainties like climatic tipping points is harder still. But recognizing those risks and uncertainties makes clear that political action must come sooner rather than later.

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If corporations – including even fossil-fuel companies – are now “climate leaders,” fully and loudly committed to the netzero cause, why are emissions still rising? The answer lies in the voluntary nature of net-zero pledges.

Making Net-Zero Pledges Count

Catherine McKenna former Canadian minister of environment and climate change Chair of the United Nations Secretary-General’s High-Level Expert Group on the Net-Zero Emissions Commitments of Non-State Entities

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Walking down a Toronto street recently I saw an ad touting a fossilfuel company's net-zero credentials.

But to see such belief-straining claims, I would not even need to leave my house.

According to a study by the Guardian and InfluenceMap, such ads are all over Google. Ads for oil giant Shell, for example, appeared on 86% of searches for “net zero,” with many promoting the company's pledge to reach net-zero emissions by 2050.

Are corporations finally waking up to the urgency of the climate crisis, or is this just more greenwashing?

One thing is certain: the climate crisis is escalating fast. California is enduring record-breaking heat waves.

A third of Pakistan is under water.

China is suffering a withering drought, which may have global ramifications.

And that is just what is happening right now. From cold snaps in Texas to wildfires in Europe, climate change has become impossible to ignore.

Climate action has come a long way since the Paris climate agreement was signed in 2015. Notably, net-zero has gone mainstream, with some 90% of global GDP now covered by net-zero targets. And it is not just governments that have adopted them; many of the world's biggest companies have done so, too, motivated by a combination of

business interest, investor expectations, and consumer pressure.

But if corporations – including even fossil-fuel companies – are now “climate leaders,” fully and loudly committed to the net-zero cause, why are emissions still rising? A look at the history of climate action reveals the answer.

Over the last 20 years, a diverse array of climate initiatives has sought to persuade businesses and investors to accept the idea of setting climaterelated targets, cutting emissions, and then setting even more ambitious targets. These initiatives have had one thing in common: all have been voluntary.

As anyone who has ever broken a New Year's resolution knows firsthand, a promise made is not always a promise kept. If someone says they will achieve net-zero, how can we be sure that they are taking the steps needed to deliver? Right now, we can't.

This has enabled “climate coasting,” with companies marketing themselves as environmentally conscious while continuing with business as usual, or close to it. In fact, as it stands, only one in three corporate net-zero plans cover the company's full carbon footprint, including that of its supply chain. And

not one of the world's biggest corporate polluters has fully explained how it plans to achieve net-zero emissions.

As United Nations Secretary-General António Guterres recently put it, “The world is in a race against time, and we cannot afford slow movers, fake movers, or any form of greenwashing.” These are the problems the High-Level Expert Group on Net-Zero Emissions Commitments, which I chair, is meant to solve. We are an independent, diverse group of experts determined to provide science-based recommendations for achieving the goal so many governments and companies have embraced.

Our work is just beginning, but three things are already clear. First, a pledge without a plan is meaningless.

Companies need to align their business strategies with their commitments, take ambitious action, and start delivering progress immediately. And this does not mean fudging the numbers with questionable offsets; the only credible way to achieve net-zero is to slash emissions.

To support this effort, the High-Level Expert Group will define what it will take to achieve net-zero emissions.

This includes establishing clear criteria for credible net-zero plans that

account for issues of equity and climate justice. Regional and sectoral standard-setters can then adopt our criteria, thereby ensuring consistency and comparability.

Second, voluntary schemes are not enough. We don't need New Year's resolutions; we need new business plans. Regulation will be essential here, both to ensure that voluntary climate roadmaps are replaced by mandatory strategies and to level the playing field. A central objective of the High-Level Expert Group is to map the needed regulations.

Finally, accountability is essential.

When companies, banks, investors, cities, and regions make net-zero commitments, we must be able to trust them. Fair rules of engagement will help. But governments, corporations, and financiers must also embrace radical transparency.

Progress will be easy to spot: investment in clean energy will supersede investment in fossil fuels, and emissions will fall.

Already, our expert group has engaged more than 800 groups, met with thousands of people, and received almost 300 submissions detailing how net-zero commitments can be improved – a clear indication of how keen stakeholders are to get this

right. Success would not only give us a shot at stabilizing the climate; it would bring vast economic opportunities. According to McKinsey, growing demand for net-zero offerings could generate more than $12 trillion in sales annually by 2030.

Last year, I left politics to dedicate my time to the two things that mattered most to me: my kids and climate change. The two priorities are deeply interconnected. If we are to avoid a future where our children are buying “net-zero” bacon between floods and fires, we must close the gap between the promises we hear and the action we need.

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Everything you need to know about

Romanian wines Ella Dobre

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A recent history of Romanian Wines

Romanian Wine Industry After 1990

The view of Romania producing highquality wines may seem, for many at least, surprising. This is especially so if we take into account its relatively recent history of almost 50 years of communism and the chaos of the 'transition production' of the early '90s when everything was focused on the production of low-quality sweet wines and the cult of hybrid grape varieties.

During the communist period, wine production was centralized around IAS (Întreprindere Agricolă de Stat) or SAE (State Agricultural Enterprise) and wine-growing centers such as Jidvei, Cotnari or Murfatlar, which each managed thousands of hectares. The only exceptions were the research centers where high-quality wines were still produced, created either for export or for the high up members of the Communist Party.

In communist Romania, the emphasis was on production rather than quality.

Most vineyards consisted of varieties with high productivity and resistance such as Muscat Ottonel, Chasselas, or Fetească Regală. Cabernet Sauvignon or Merlot were chosen for red wines.

From these were obtained medium sweet or sweet wines because the sugar could hide certain faults in the wine.

Obviously, most wines were of questionable quality and low in alcohol (11-12% ABV). And most were destined for export to the USSR, and the story is that no matter the grape variety all bottles were labeled and shipped as Chardonnay, being Russia's favorite at the time.

However, there were some positive achievements during the communist period, such as obtaining memorable grape varieties such as Novac, Şarbă and Crâmpoşia Selecţionată (Selected Crâmpoşie), a superior version of the old Crâmpoşie.

The transition to democracy took place after December 1989, when Romania began a new chapter in its modern history. Of course, the return to private property has been a long and often chaotic process, especially for the wine industry.

Land and real estate restitution, as well as planning a strategy to 'repair' the inherited reputation of poor quality wines were challenges that the new generation of wine producers faced. Basically, the evolution of Romanian wine after the '90s was slow but achieved some spectacular results over the years, like the maturation of a Fetească Negră with a good ageing potential.

And as a result of Romania's accession to the European Union in 2007, things changed significantly for the better. With the help of European funds more than 40,000 hectares were replanted with new grapevines, replacing the old vineyards with hybrid varieties. And the story continues today with the more than 250 producers who educate the consumer, rewrite tradition, explore new grape varieties, and create new labels and new stories.

Things have clearly changed radically for the better. The birth of new wineries with a vision of making highquality wines, focused either on rendering the typicity of the variety and region, or on experiments with very good results.

In other words, Romania is currently an atypical case worldwide, but also a classic example of countries from Eastern Europe that went through the communist period, countries that are currently going through a revolutionary leap in quality and diversity after a very long period of mediocrity, anonymity, and lack of consumer education.

And to understand today's metamorphosis, we must understand our history.

Romanian grape varieties and wine production Romania is becoming known internationally through a terroir with extraordinary potential to cultivate local and international varieties.

According to the latest statistics, following the conversion of vineyards, the current total area is about 191,000 hectares, an area that gives local wineries an extremely diverse terroir for growing a multitude of varieties, some of them unique.

In terms of productivity, according to OIV (Organisation Internationale de la vigne et du vin) statistics, Romania officially produces approximately 5.5 million hectoliters, ranking 7th in Europe and 13th in the world. And the most popular and planted variety (in all vineyards) is Feteasca Regală.

Feteasca Regală is a white variety, the most recently discovered from the 'Fetească family', from which dry, young, fresh aromatic white wines are made, with predominant aromas of green and citrus apples. Due to its acidity, this variety can be used in the production of sparkling wines and spirits. And it is a variety that can be grows well in all of Romania's vineyards.

Fetească Albă is a white grape variety from which elegant dry white wines can be created. It has high acidity, a friendly texture, and very good minerality, with well-defined aromas of white flowers, citrus, and hay. Wines with an aging potential of 3-4 years can also be obtained.

memorable floral character with notes of roses, acacia, elderflowers, and basil. It is a grape from which dry and dessert wines can be made.

Crâmpoşia is a white pre-phylloxera grape variety, with origins in ancient times and is emblematic of the Drăgăşani vineyard. It can be vinified as a single grape or in a blend. It is recognizable by its acidity, freshness, and minerality. It is recommended that it is consumed young and it impresses with delicious aromas of pears, citrus fruits, and yellow cherries.

Plăvaie stands out as a variety cultivated almost exclusively in the area of ​​southern Moldova, where Şarbă is also cultivated. The wines obtained from Plăvaie are best consumed in the first two years of life and are distinguished by freshness, minerality, and intense aromas of grapefruit, pomelo, and lime.

Şarbă is a variety made from the crossing of two varieties, Tămâioasă Românească and Italian Riesling, which transforms it into an essential aromatic exponent in the vineyard of Moldova. It is distinguished by a

Tămâioasa Românească is a synonym of Romanian hospitality as it is a 'descendant' of the Muscat family from Greece, adapted in the Romanian viticultural area with spectacular results. This aromatic

variety is distinguished by unmistakable aromas of acacia flowers, honeycomb, and discreet notes of basil. Considered a variety for white dessert wines with ageing potential par excellence, lately a lot of fresh, dry wines have been created.

Grasa de Cotnari is for many a legend and a symbol of the glorious moments in the history of Moldova.

The wines created from this variety impress with their fruity and aromatic character. Vinified over the centuries as a white dessert wine with grapes touched by botrytis (noble rot), in the style of Tokaji wines, it impresses with its unique aromas of acacia honey, honeycomb, candied apricots, almonds, ripe apricots, and quince.

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Perhaps the most famous of all is Drăgăşani, recently revitalized by the planting of specific varieties such as Novac, Negru de Drăgăşani and Crâmpoşie Selecţionată (Selected Crâmpoşie). Other DOC regions are Segarcea and Mehedinţi, known for the production of aromatic white wines and complex red wines with a very high ageing potential.

Going to the East, we find the famous Dealu Mare vineyard in the former historical province of Wallachia, which is the Romanian synonym for Bordeaux and Tuscany. The region stretches for over 65 km over ​​Prahova and Buzău counties. And the high altitude and warm summers and mild autumns make it probably the greatest region for the production of red wines. Varieties such as Merlot, Cabernet Sauvignon, Shiraz, and especially Feteasca Neagră are masterfully created.

At the same time, the Dealu Mare vineyard is famous for the production of white dessert wines, especially from the Tămâioasă Românească and Muscat Ottonel.

Zghihara de Huşi is a very old grape variety, cultivated almost exclusively in the village that gives it its name. It is distinguished by its increased acidity that pleasantly 'tightens', minerality, and well-defined aromas of green apples, pears, and citrus fruits.

Busuioaca de Bohotin is a curious variety for many, thanks to a peel that prevents the winemaker creating a red wine with an intense color and fullbodied structure, which is why it is created as a medium-sweet or sweet rosé wine. In recent years, wineries in Romania have created a dry, fresh Busuioacă de Bohotin with delicate aromas in the style of Provence. It is distinguished by the aromas of rose petals, basil, and red forest fruits.

Băbească Neagră is a local prephylloxera variety, dating back to the 14th century on Romanian vineyards.

It is known for its red, ruby, mediumbodied wines, medium tannins, and velvety texture. In general, these wines have an aging potential of 3-5 years, but can also be consumed young.

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Fetească Neagră is a local variety whose clusters could be placed on the flag of Romanian wine. It is famous for its aromas of prunes, cherries, berries, dark chocolate, and oak (if matured in barrique). It can be vinified both as rosé and as red wine. It is a variety from which wines with long ageing potential can be made.

Romanian vineyards also abound with international white and red grape varieties such as Aligoté, Muscat Ottonel, Sauvignon Blanc, and Chardonnay, which impress with their fruitiness, typical aromas, and winemaking style that is close to perfection.

The terroir of Romanian vineyards is so diverse that even pretentious red grapes such as Pinot Noir can be planted, and in Transylvania it enjoys a climate similar to that in Burgundy. At the same time, grapes like Merlot, Cabernet Sauvignon, and Shiraz enjoy a climate perfect for both rosé and red wines in the vineyards of Dealu Mare, Drăgăşani, Miniş-Măderat or Mehedinţi.

The grapevine area in Romania is very diverse, each region has essentially an autonomous climate, and it is all worth discovering. Local vineyards can generally be divided into seven geographical areas. Legislatively, the viticultural areas in Romania are divided into three classifications: DOC, IG (or GI), and varietal wine. DOC wines (Denumire de Origine Controlată') or wines with controlled designation of origin present certain guarantees to the consumer.

This does not mean that varietal wines are necessarily of poorer quality, simply that the area of ​​origin of the grapes is not so strictly regulated.

However, there have been exceptions when a varietal wine produced pleasant surprises, obtaining a much better score in blind tastings compared to other DOC or GI wines.

Romania is a country with a temperate-continental climate, with many points in common with France in terms of latitude and altitude. The Carpathian Mountains, which surround Transylvania, moderate the hot and arid summers specific to this type of climate.

It is an appellation that guarantees the selection of grapes, their yield, origin, minimum sugar limit at harvest, production technology, and in some cases the style of wine-making. GI (Geographical Indication) indicates a high-quality standard, such as a DOC wine, the only difference is that the grape harvesting area is more extensive. The wines that are neither DOC or the GI are called varietal wines.

Banat From west to east, the wines and gastronomy of Romania are worth tasting starting with Banat and especially with wines of DOC Recaş, where, the legend has it, Bacchus was born. It is the smallest vineyard in Romania and is distinguished by a temperate continental climate with Mediterranean influences and soils such as clay, sand, and limestone.

Throughout history, the minority

Romanian vineyards and reference wines

populations of Swabians and Hungarians have marked the production of wines, and their heritage is still felt by the preservation of Cadarcă, Blaufränkisch, and Furmint.

Also grapes like Pinot Noir, Merlot, Cabernet Sauvignon, Shiraz, and Fetească Neagră are planted here with surprisingly good results.

North of Banat is the Crişana region, with the famous DOC Miniş-Măderat and DOC Crişana wines. A region that stands out for its continental climate, hot and relatively dry summers, and cold winters.

The soil is famous for the predominant volcanic rocks and for the high concentration of iron, which helps the red varieties such as Cadarcă, Feteasca Neagră, and Cabernet Sauvignon a lot. In terms of white varieties, the region is famous for its high acidity white wines such as Mustoasa de Măderat and sparkling wines.

Oltenia To the southwest of the Carpathian Mountains is the Oltenia region, where there are several important vineyards.

Moldova The region of Moldova (not to be confused with the neighboring Republic of Moldova) is perhaps the most complex and diversified local wine-growing area, totaling a whole series of microclimates and DOC and GI areas and comprising more than 30% of the entire cultivable grapevine area in Romania.

In the north lies the famous DOC Cotnari region, dedicated to white wines with memorable grape varieties such as Grasă de Cotnari, Frâncuşă, Fetească Albă, Fetească Regală, and Tămâioasă Românească. Descending to the south, the map of Moldova is full of DOC regions imprinted in the DNA of Romanians, such as Huşi, where Zghihară comes from, or Nicoreşti, where Băbeasca Neagră comes from, as well as the vineyards of Coteşti, Odobeşti and Panciu, famous for the local varieties Şarbă, Plăvaie, but also for sparkling wines and spirits.

The legacy of 12th century Germans can still be seen today in Transylvania, a region located at an altitude of 460m above sea level. The cool and relatively rainy climate helps to produce fresh white wines with high acidity. These conditions are also highly valued by producers of sparkling wines or spirits. At the same time, the

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region is famous for the production of rosé wines or red wines like Pinot Noir.

Dobrogea Near the Black Sea is the Dobrogea region where you can taste wines from some of the most famous local DOCs: Babadag, Sarica-Niculiţel and Murfatlar. The area is famous for its sunny climate and sparse rainfall. The red wines produced here are juicy, with velvety tannins and are highly aromatic, while the wines produced from Aligoté and Chardonnay are famous for their freshness, minerality, and elegance. Also, the unique climate here favors the practice of biodynamic viticulture.

Best Romanian wines After a long period of absence and anonymity, the best word to describe the 'new wave' of Romanian wines is kaleidoscope. A kaleidoscope of flavors, bouquets, styles, and colors that combine perfectly with different moods or dishes. Which is why we will try to make a selection of wines that best reproduce the terroir of region of origin and the fantasy of their creators.

Budureasca, Premium Fumé (Chardonnay, Sauvignon Blanc, Pinot Gris) Budureasca Fumé is an assemblage that opens in the glass with an intense golden yellow color and a rich nose full of sweet vanilla notes, mixed hints of peaches and quince. The body is robust, with a velvety structure, complemented by a medium acidity and good minerality.

The aftertaste is long, with final notes of citrus and oak. Consumed at a temperature of 8-10°C, it goes very well with salads, seafood, or baked chicken breast with sour cream.

Casa de Vinuri Cotnari, Colocviu la Moscova, Grasă de Cotnari Grasa de Cotnari from the Colocviu range 'breaks' the established tradition of dessert wines with a dry creation that delights the lovers of this grape.

The color is yellow-green with an intense nose of honey, gooseberry jam, and ginger.

Fresh and aromatic, the wine is best consumed at a temperature of 8-10°C and goes perfectly with fresh cheeses, shrimp pasta, or your favorite food.

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SERVE, Terra Romana Rosé, Fetească Neagră and Merlot The SERVE winery is the first producer to create a dry rosé wine within the Terra Romana range. And the tradition still continues in this assemblage of Fetească Neagră and Merlot which impresses with a pale salmon color and a typical cherry and raspberry nose. The wine is fresh, with increased acidity and elegant texture. Served at a temperature of 8-10°C, it can be served on its own or with tuna salad or grilled salmon and asparagus.

Hermeziu Winery, C'est Soir, Busuioacă de Bohotin Traditionally made as medium-sweet or sweet wine, the Busuioacă de Bohotin from this range is a dry wine that has a pale salmon color and the aromatic nose of grapes and rose petals. The body is elegant, ample with the typical aromas of raspberries and May cherries. Served at a temperature of 8-10°C, it can be paired with salads, fresh cheeses, chicken tikka masala, or with your favorite food.

Alira, Grand Vin, Fetească Neagră The Fetească Neagră from the Grand Vin range has all the necessary elements to be called a wine with typicity and a wine with ageing potential for at least 10 years. The color is dark ruby, with a touch of garnet, followed by a bouquet of truffles, prunes, eucalyptus, and espresso foam. The body is full, round with a velvety texture and a long aftertaste with aromas of pepper, cherries, and dark chocolate.

Matured in oak barrels for 14 months, it is best decanted for at least one hour before consumption. The ideal serving temperature is 18°C and it pairs very well with wild boar in red wine sauce, sarmale with mutton, and beef in vine leaves, matured cheeses, or any favorite recipe of red meat served 'blue'.

Davino, Flamboyant, Cabernet Sauvignon, Merlot, Fetească Neagră Flamboyant is a red assemblage that has set a new standard in the Dealu Mare vineyard. The “Trio” is made in Bordeaux style, with the presence of Fetească Neagră along with two wellrecognized varieties. The wine has an extraordinary aging potential and begins with an intense ruby red color and a well-defined nose of cedar, leather, freshly ground coffee beans, and blackcurrants.

The body is robust, with an elegant texture and imposing tannins. Serve at a temperature of 18°C, with at least one hour of aeration before consumption it goes well in the company of a veal chops in truffle and parmesan sauce, Black Angus beef tartare, or duck breast in blackcurrant sauce.

Carastelec, Carassia, Blanc de Blancs, Chardonnay Made in entirety by Chardonnay in the traditional method, the sparkling wine from Carastelec delights us from the beginning with a pale golden yellow color and effervescent nose of biscuit, green apples, and apricots. The body is delicate, the bubble density is abundant, and the aftertaste is medium and elegant. Served at a temperature of 4-6°C, it can be served on its own or in the company of a shellfish salad, oysters, or white truffles.

Liliac, Nectar, Muscat Ottonel It is said that any memorable feast must end with a memorable dessert. In this case we are talking about a 'liquid dessert' that impresses with an intense golden yellow color and an explosive nose of acacia honey, candied apricots, lychee, and passion fruit. Although it is an extremely sweet wine, the typical acidity of Transylvanian wines gives it balance and elegance. Served at a temperature of 9-11°C, it can be paired perfectly with quince tart, sweet and raisin pie, or with blue cheese like Roquefort or Blue Stilton.

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Apuseni Mountains Villages in the Apuseni Mountains are even more remote and lost in time.

If you wish to discover local life and preserved traditions, one of the main points of interest is the Aries Valley, where the beautiful villages of Albac, Garda, and Arieseni are located.

Skilled artisans, the Motzi people, carve musical instruments, hope chests and houses from the local wood, the spruce. In Patrahaitesti, a little mountain village, you may hear the famous Bucium ("Alps horns"), which are used for generations in the Apuseni Mountains.

ROMANIAN

Traditional Villages Ella Dobre

The golden glow of the sun against the soft pastel houses; residents going about their business, tending the chickens, their vegetable gardens or sitting on the front porch can make an unforgettable scene. In villages and in the countryside, on lands dominated by ancestral castles, old fortresses and peaceful monasteries, life moves a little slower and follows ancient rhythms of tradition and culture.

It's not unusual to see a farmer bringing his fruits to the marketplace in a horse drawn wagon or to encounter a village festival where the locals perform ancient rites of planting and harvest dressed in colorful traditional costumes. Cold, pure well water beckons the thirsty traveler from the roadside. Men kiss women's hands in a courtly greeting unchanged for hundreds of years.

Lush vineyards, first planted by Dacians – ancient inhabitants of Romania, yield fine wines.

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Transylvania In Transylvania, you will find villages clustered around ancient Saxon citadels, edifices that often enclose exquisite churches built by German settlers from the 12th to the 16th centuries.

A lovely half-hour drive south of the medieval city of Sibiu takes you into the pastoral landscapes of Marginimea Sibiului, one of Transylvania's best-preserved ethnographic areas. Located at the foothills of the Cindrel Mountains, Marginimea Sibiului (meaning Boundaries of Sibiu) encompasses a string of 18 traditional Romanian villages*, rich in architecture, history and heritage. Age-old traditions, customs and celebrations, as well as the traditional occupation of

sheepherding, have been carefully passed down from generation to generation in the villages of this area.

Rasinari, dating to 1204, is the oldest, followed by Talmaciu (1318), Orlat (1322) and Saliste (1354). Saliste claims the oldest church, housing beautiful interior frescoes (1674), while Poiana Sibiului's wooden church was built in 1771. Painting on glass has been a tradition for 200 years in these villages. The Museum of Painted Glass Icons in Sibiel exhibits the largest collection of painted glass icons in Europe - more than 700, as well as furniture and ceramics.

The 18 villages are: Boita, Sadu, Raul Sadului, Talmaciu, Talmacel. Rasinari, Poplaca, Gura Raului, Orlat, Fantanele, Sibiel, Vale, Saliste, Gales, Tilisca, Rod, Poiana Sibiului and Jina.

Bucovina The road from Bistrita to the Painted Monasteries of Bucovina runs east through the Bargau Valley and across the Tihuta Pass which peaks at 3,840 feet. The Bargau Valley encompasses some of the most beautiful unspoiled mountain scenery in the Carpathians with picturesque traditional villages located in valleys and on hillsides, ideal bases for hiking, riding or discovering their vivid tapestry of old customs, handicrafts and folklore.

Explore the traditional villages in the Bargau Valley: Livazele (5 miles northeast of Bistrita) with its small folk museum called the Saxon House (Casa Saseasca) displaying Saxon ceramics, woodcarvings and folk infomediu.eu

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dresses; Josenii Bargaului (10 miles northeast of Bistrita), a traditional center for black and colored pottery, and Prundu Bargaului (15 miles northeast of Bistrita), the site of the first paper mill in Romania, opened here in 1768.

Some of Romania's most beautiful countryside is found in Bucovina, whose rolling green hills nestle villages and monasteries in their valleys. Horses, decked with redtasseled bridles, travel country lanes, as villagers crows churchyards in traditional folk dress on Sundays and holidays. Bucovina remains the heart of craft mastery in Moldova. A felt mill in Vama serves the villages women, who bring their homespun wool cloth to be thickened for heavy coats against the harsh winters.

The village of Marginea, located just 7 miles northeast of Sucevita Monastery, is renowned for the black clay pottery crafted here, said to preserve a centuries-old Gaeto-Dacian technique, passed on from generation to generation. Winter festivals abound, with caroling bands of merrymakers dressed in handmade masks and costumes celebrating the New Year.

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Also unique to this region are the local village churches, made of wood and dominated by magnificent Gothic spires. Hardly a village lacks its own small wooden church dating to the 17th and 18th centuries. These are exquisite, high-steepled jewels with multiple gabled roofs, all of a pattern yet each distinctly unique. Seeing at least a few interiors is a must as many frescoes remain in good condition. If time is limited, the interiors at Ieud, Bogdan Voda and Poenile Izei are recommended. The latter depicts some highly original torments for such sins as sleeping in church.

Although churches are usually locked, ask any passerby for the key-keeper by pointing at the door and saying cheia (pronounced kay-ya), meaning the key.

The spiritual philosophy of the people of Maramures is perhaps nowhere

more apparent than in Sapanta – a 20minute drive from Sighet. The town folks' ancestors considered death as a beginning, not the end, and this faith is reflected in the carvings in the town's unique Merry Cemetery. Blue wooden crosses feature a carved scene and humorous verses that endeavor to capture essential elements - both the good and the imperfections - of the deceased's life. Even without benefit of translation, visitors can appreciate the handiwork of sculptor Stan Ion Patras, who began carving these epitaphs in 1935, and his successors. Patras' house in the village is now a fascinating museum. Sapanta is also home to several wooden gates and one of the region's tallest wooden churches.

(The Last Laugh: In the Merry Cemetery, grave markers celebrate life

with beautiful images and gentle wit By John Moore, Toronto Star) Village experiences are made even more authentic by staying in a private home, a monastery or a guesthouse.

Most accommodations in Romanian villages offer comfortable rooms, running cold and hot water and western-style toilets. They are often also remarkably low in cost.

If journeying out to rural Romania is not on your itinerary, you can also get a taste of this vibrant and exotic culture by visiting one of Romania's museums dedicated to rural life: the Village Museum and the Museum of the Romanian Peasant in Bucharest and the ASTRA Museum of Rural Civilization in Sibiu. Real landmarks of rural architecture - homes, churches, schools - are set in tranquil parklands just beyond the city center.

Maramures Maramures is an area of the country known for its timeless tranquility. In late afternoon, old women sit outside their gates coaxing coarse wool onto spindles. Many still favor traditional dress, meaning white frounced blouses, striped woven panels covering full black skirts, headscarves and opinci, a sort of leather ballet slipper from which heavy yarn criss-crosses over thick socks.

On Sunday, such dress is practically "de rigueur", even for little girls.

Baia Mare is a good starting point for visiting some of the area's traditional villages: Iza, Viseu, Mara and Cosau.

The villages of this remote Northern region are known for masterpieces of elaborately carved wooden roadside gates leading to family homes. The knots and sun designs of these traditional gates come from ancient pagan motifs. Popular motifs include grapevines, acorns, twisted rope, sun symbols, crosses and forest animals.

The villages of Barsana and Oncesti have, perhaps, the greatest number of impressive wooden gates. Ciocanesti (in Bucovina region) is known for its houses covered with painted flowers and geometric paterns. noiembrie 2022

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For a look at Romania s more recent past, an hour spent at Sighetu' s Museum of Arrested Thought is instructive. Though only a block or two off the main street, it is not easy to find. Ask for the "Muzeul Inchisorii" (pronounced moo zow ool un kee swah ree), meaning prison museum.

Although built in the days of AustrianHungarian rule, the Communist regime utilized the prison for opposition leaders and intellectuals.

Three tiers of cells and various exhibits may be viewed; an Englishspeaking guide is available. An old synagogue (currently under restoration) and the childhood home of author Elie Wiesel (not open to the public) also are in Sighetul Marmatiei (Sighet for short).

From the province of Moldavia, head westward along a good, but mountainous, road to Romania's most traditional region, Maramures. The drive takes about five hours with no stops, but this is virtually an impossibility, especially for photographers. Picturesque villages (notably Ciocanesti, whose houses covered with painted flowers and geometrics make it arguably Romania' s prettiest village), spectacular mountain scenery and a unique museum smack in the middle of nowhere The Museum of the Tree Roots (Muzeul Radacinilor) with a bizarre exhibit of figures sculpted from tree roots all beg inspection.

Gawking becomes even more demanding once Maramures is reached. At Mosei, turn left toward Bistrita, then right after a few miles toward Sacel and Sighetu Marmatiei, the principal town. (Sighetu also can be reached by continuing straight at Mosei, but the lower road passes through the region' s most traditional villages.) From Sacel on, each village noiembrie 2022

offers its share, and more, of wooden houses, many with sculpted designs on balconies and around entrances.

Then, there are the towering carved wooden gates, attached to fences half their size, rising before even modest dwellings.

Popular motifs include grapevines, acorns, twisted rope, sun symbols, crosses and forest animals. The villages of Barsana and Oncesti have, perhaps, the greatest number of impressive gates.

Maramures is Brigadoon land where the way of life has changed little over the centuries. In late afternoon, old women sit outside their gates coaxing coarse wool onto spindles. Many still favor traditional dress, meaning white frounced blouses, striped woven panels covering full black skirts, headscarves and "opinci", a sort of leather ballet slipper from which heavy yarn criss-crosses over thick socks. On Sunday, such dress is practically de rigueur, even for little girls.

Hardly a village lacks its own small

wooden church dating to the 17th and 18th centuries. These are exquisite, high-steepled jewels with multiple gabled roofs, all of a pattern yet each distinctly unique. Seeing at least a few interiors is a must as many frescoes remain in good condition. If time is limited, the interiors at Ieud, Bogdan Voda and Poenile Izei are recommended.The latter depicts some highly original torments for such sins as sleeping in church.

Although churches are usually locked, ask any passerby for the key-keeper by pointing at the door and saying "cheia" (pronounced kay-ya), meaning the key.

Romanians are extremely kind and friendly and will be sure to help. While the main tourist activities in Maramures are gate-, church- and people-viewing, the town of Sighetu Marmatiei has a few attractions worth visiting. The outdoor village museum, on the road into town, boasts dozens of homes and farm buildings assembled from around Maramures county. Even Oncesti s wooden church has been relocated here.

No trip to Maramures is complete without a look at the Merry Cemetery of Sapanta, a 20-minute drive from Sighet. Here, colorful folk art pictures and witty words carved into wooden headstones immortalize the deceased's foibles, occupations or family problems. No translations, but the pictures tell much of the story. An old woman bakes round loaves of bread, a young person bends in scholarly fashion over his books, one man is shot by soldiers while another tends his flock of sheep.

Beauty assumes many forms. For most travelers, the enduring traditions of Maramures and the magnificence of Bucovina's painted monasteries will define two of them.

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How to

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Mobilizing excess savings in advanced economies for much-needed investment in green infrastructure in emerging-market and developing economies will not be easy. But it is possible, if both the public and private sectors do their parts.

can also bring partners into specific deals through syndications.

For its part, the private sector has a number of instruments at its disposal with which to manage risk. For example, companies can use risktransfer and credit-enhancement instruments, which are currently being piloted by national and multilateral development banks. These include guarantees, insurance policies, and hedging mechanisms under which, for a fee, a provider agrees to compensate the concessionaire (or its lenders) in case of default or loss arising from some specified circumstance.

Karim El Aynaoui - Executive President of the Policy Center for the New South

Political-risk insurance is particularly important here. Some sectors – such as telecommunications or electricity – are more prone to regulatory volatility or the effects of political pressure (including on prices). This implies the need for greater scrutiny from infrastructure investors and customized risk-mitigation mechanisms.

Otaviano Canuto - former vice president and executive director of the World Bank and executive director of the International Monetary Fund

Finance Green Infrastructure To spur development and fight climate change, emerging-market and developing economies (EMDEs) will need huge amounts of investment in green infrastructure over the next few decades. But many of these countries have limited fiscal space, especially after the shocks of the last few years.

Given this, to meet the EMDEs' infrastructure needs, we must mobilize excess private savings in the advanced economies. The question is how.

The first step toward building a bridge between private savings and infrastructure investment in EMDEs is to understand investors' needs.

Institutional investors, like all other types of debt and equity investors, have their own incentives, constraints, and objectives, all of which inform their allocations of funds, including which types of projects (greenfield vs. brownfield) to support, where, and at what stage of the project cycle (development, construction, or noiembrie 2022

operation). Inadequate risk coverage, lack of data, and the heterogeneity of project structures, regulatory environments, and contractual standards can all act as barriers to investment.

The challenge is to define “attractive investment opportunities” and match investors to them in a more systematic way. Central to this effort should be the provision of a wide range of wellstructured investment products tailored for different types of institutional investors and their respective risk/return profiles. For example, institutional investors (such as pension funds) might be inclined to participate at a project's earlier stages (prior to operation) if refinancing risks are covered and construction risk is addressed.

Currency risk poses another challenge for investors in EMDEs. Here, export credit agencies may be able to help, though often at high cost.

A dearth of appropriate financial instruments – and the costs and complexity of the instruments that are available – is yet another potential barrier to infrastructure investment in the EMDEs. Fixed-income instruments – including bonds (project, municipal, sub-sovereign, and green bonds, as well as sukuk), and loans (direct and co-investment lending to infrastructure projects and syndicated project loans) – can help solve this problem, as they could appeal to a broad range of institutional investors in the EMDEs. Multilateral finance institutions have an important role to play in drawing private capital toward long-term projects that could spur development in countries and sectors that capital markets perceive as high-risk. By providing funding, guarantees, or both, such institutions can de-risk projects and crowd in private investment. They

significant complexity and regulatory risk, especially when risks are harder to identify and measure in advance. The costs of this process can largely be recouped when public-private partnerships (such as concessions) are established. Public-sector planning and priority-setting is essential.

But private investors must also embrace a more active role, including by taking advantage of the

risk-management tools at their disposal. Sophisticated, developed financial markets and instruments would help, by enabling financial agents to take on risks that are in line with their appetites and capacities.

It will not be easy. But with these building blocks, we can construct the most important infrastructure of all: the bridge connecting advancedcountry savings and EMDEs' financing needs. unsplash.com

A project's financial structure is key.

Experience shows that a diverse mix of funders for a project – including domestic, international, and multilateral banks and owners – can deter political intervention and act as a buffer against shocks. And just as strategic alliances with foreign entities provide local actors with a hedge against political intervention, partnerships with local companies can help an infrastructure operator transcend the “foreign investor” label.

In transforming today's savingsliquidity glut into much-needed investment in green EMDE infrastructure, the public and private sectors both have important roles to play. Policymakers must increase the transparency of legal frameworks and achieve political and regulatory stability, recognizing that the public sector will ultimately bear the high transaction costs incurred by private investors when they channel financial resources to EMDEs. Institutional investors and other financial intermediaries, as well as non-banking financial institutions, often highlight the lack of a pipeline of investment-ready projects. To improve their options, the public sector should take more responsibility for project design in situations characterized by Ecopedia by InfomediuEuropa - infomediu.eu

project-syndicate.org

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Overlapping shocks and a breakdown in international cooperation has made crisis management all but impossible – at least with the standard tools. The challenge demands new thinking and a willingness on the part of systemically important players to contain their strategic rivalries.

Make no mistake: We no longer live in a stable international rules-based order.

The days of unipolarity and global liberalism are over, and we are now facing a confluence of shocks unlike anything most of us have seen in our lifetimes.

No pilot is flying the plane: the closest thing we have to a cockpit, the G20, is fractured and deadlocked, despite Indonesia's valiant efforts as this year's president.

are disrupting lives, reducing food supplies (which were already endangered by Russia's war), and fragmenting societies.

Bertrand Badré former managing director of the World Bank, is CEO and Founder of Blue like an Orange Sustainable Capital

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as well, the economy itself can behave erratically and appear unstable.” Under these conditions, predictions and conventional policy tools stop working.

The first major challenge is Russia's war in Ukraine, which shows no end in sight (notwithstanding the Ukrainian armed forces' recent gains). The titfor-tat weaponization of economic linkages has generated a huge global energy shock that will aggravate deeper social and political crises in Europe and around the world this fall.

While the G7, Australia, and South Korea have taken steps to freeze Russia out of the global dollar system and interbank messaging network (SWIFT), Global South powers have not joined the sanctions regime, leaving the G20 split on this issue.

Second, despite the Biden administration's recent legislative

Professor of Political Science and Director Emeritus of the Institute of Asian Research at the University of British Columbia its nationalist mobilization and intensifying social control – including its economically disastrous “zeroCOVID” policy, closed borders, and other restrictions.

Will China entrench its new isolation, or will it take some steps back toward international connectivity and economic liberalization?

Navigating a World The international institutions, norms, and practices that we continue to rely on are increasingly being eclipsed by geopolitics. Whatever their rhetoric, China, Russia, and the United States have lost faith in global institutions, withholding their support whenever it suits their interests. While the European Union, Japan, the United Kingdom, Canada, and major players from the Global South continue to support multilateralism, global governance cannot really be sustained without the participation of the world's largest economies and military powers.

Making matters worse, the world is facing at least eight systemic challenges simultaneously. As former Canadian central bank governor Stephen Poloz explains in his book The Next Age of Uncertainty, “when multiple long-term forces are acting together on the economy through time, and interacting with one another

Yves Tiberghien

breakthroughs, US democracy is in deep crisis. Most decision-making remains crippled by legislative gridlock and an activist Supreme Court, and extremism is on the rise. In a recent book, the international relations scholar Barbara F. Walter warns that many well-known indicators of impending civil war are flashing red in the US. A major survey published in November 2021 found that 30% of Republicans, and 18% of Americans overall, agree with the statement: “Because things have gotten so far off track, true American patriots may have to resort to violence in order to save our country.”

Third, China is at a fork in the road.

The 20th Party Congress this October almost certainly will solidify President Xi Jinping's rule and install key powerholders for the next five years or longer. We will then see whether the regime intends to double down on

Sixth, there are still deep postpandemic uncertainties with respect to supply chains, energy and food markets, and inflation. It is anyone's guess what global financial markets will do this fall, but talk of tighter financial conditions and recession is in the air.

Seventh, these food, energy, climate, and economic shocks are likely to trigger social and democratic breakdown in many parts of the world, especially if the G20 cannot agree on safety-net measures such as debt relief. Lebanon, Sri Lanka, Pakistan, and Ethiopia are already in the throes of political and socioeconomic chaos.

Finally, the coming months will stress test global-governance mechanisms like never before.

in Shock The answer to that question will determine the answers to many others. As matters stand, the US and Chinese political trajectories are fueling a confrontational spiral that cannot end well for either side.

Fourth, after a period of remarkable unity in response to Russia's invasion of Ukraine, the EU is entering an extraordinarily risky period of intertwined energy, economic, and social shocks. Italians seem poised to elect a right-wing nationalist government later this month; French governance is divided; and eastern member states remain vulnerable to Russian threats.

Fifth, climate-related disasters are intensifying globally – and much earlier than expected. Across South Asia, the Pacific, China, Europe, Africa, and the Americas, heatwaves, droughts, wildfires, and mega floods

All eyes will be on the November 15-16 G20 summit in Bali, the November 18-19 Asia-Pacific Economic Cooperation Summit in Thailand, and the November 6-18 COP27 climate conference in Sharm El-Sheikh, Egypt. Sadly, it is hard to expect much from any of these gatherings.

What should be done?

First, these interacting shocks must be faced with pragmatism, rather than ideology, recognizing that a failure to act collectively will put the future of human civilization itself at risk. Since we remain closely connected through technology, climate, travel, and the broader world economy, global governance through exclusive regional or ideological clubs simply will not suffice.

Second, political leaders and policymakers must figure out how to match the kind of imagination that business and technology leaders have

demonstrated in recent decades.

There are huge untapped possibilities to be explored through alternative approaches to global and collective governance. These include new platforms like the Paris Peace Forum, Global Solutions Initiative, and Jeju Forum for Peace and Prosperity, which bring multiple actors together to incubate new models, or interregional groups such as the Alliance for Multilateralism. The G20 should initiate a taskforce on common long-term existential questions and mutual misperceptions. We urgently need a competitive, bottom-up search for new ideas.

Third, large, systemically important players have a historic responsibility to contain their own military and security rivalries, and to support countries that face hardship as a result of the large powers' actions. In the past, we have found ways to defuse the threat of mutual insecurity through regular global meetings and platforms like the Stockholm Conference on Confidence- and Security-Building Measures and Disarmament in Europe; we must do so again today.

As for all the other countries, companies, foundations, civil-society groups, and NGOs, the task now is to generate ideas and form networks and coalitions, with a focus on building resilience and developing anti-fragile systems. If the big players fail to do their part, our last chance may rest with these stakeholders in the middle

.

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While Romania is better known internationally for Dracula, Transylvania, and Nadia Comaneci, its lesser- known cuisine is something well worth exploring.

Traditional Romanian food brings together a mix of ingredients and are heavily influenced by Balkan, Turkish, Serbian, German, and Hungarian cuisines. Due to this enriched experience, Romanian food is varied, filling, and very savory.

Most Popular Dishes in Romania Top 10 Romanian Foods Ella Dobre 1. Sarmale (Cabbage Rolls) This is a real comfort food that you can find at every traditional Romanian wedding, or that you can smell on the street during Christmas and New Year holidays. It is made of minced meat (usually pork or in combination with poultry) mixed with spices, rice, and onions, then rolled up in sour (fermented) cabbage leaves, and boiled for hours in a special sauce made of sauerkraut juice, tomato juice, and other secret ingredients.

In some Romanian regions they use vine leaves instead of cabbage. For fasting or for a vegan choice, the minced meat can be very successfully replaced with a mixture of ground nuts, grated carrots, and chopped mushrooms. Sărmăluțe, as you can find them on restaurant menus, are served with sour cream and hot mămăligă, which brings us to the next staple food.

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3. Mici (Grilled Minced Meat Rolls) Literally translated as “Small ones” because they used to be only as big as an adult finger, Mici are truly delicious and very popular on barbeques, street food, cottage weekends, and birthday celebrations.

It's another food that can be smelled from miles away and makes you mouth water; and it is easy to make. All you need is minced pork and beef mixed with garlic, spices, and sodium bicarbonate.

Form the mixture into small sausage-like portions and put them on the grill. Juicy on the inside, crispy on the outside, you can savor them best with only mustard and bread.

5. Pomana Porcului (Honoring The Pig) This dish comes from an old rural tradition, and the two are best experienced together to get the true taste of it.

The tradition takes place in the cold, crispy air of December, when pigs are sacrificed for Christmas dinner.

Fresh meat cut from a recently slaughtered pig is fried in its own fat in a deep pan. This savory food goes down well served with authentic pickles. Restaurants often have this meal on the menu, but if the pig is not freshly slaughtered, it doesn't have the same taste.

4. Ciorbă de burtă (Beef Tripe Soup) For a bold and brave experience when traveling abroad, you have to try one of the most popular soups in Romania – Beef Tripe Soup. While the name may not sound too appealing, it's a real delicacy and is sure to make your tongue dance.

Considered the ultimate hangover remedy, Tripe Soup is made from the stomach of a cow, vegetables, and special bones, flavored with lots of garlic and soured with vinegar.

Hot chili peppers go with it very well.

6. Jumări (Greaves) From the same sacrifice of the pig, Romanians make a crunchy, salty starter called jumări from frying bits of bacon and pig fat.

This is best served warm and always accompanied with raw onions and a shot of țuică, the traditional plum brandy, as a digestive. As delicious as it may be, you don't want to overdo it if you still want your pants to fit.

2. Mămăligă (Polenta) Usually a side dish for sarmale or served plain with sour cream and Romanian cheese, mămăligă is made from corn flour boiled in water with a pinch of salt and a few drops of sunflower oil.

It's very healthy and also pairs well with gravies or stews. Shepherds like to mix it up with salty sheep cheese and make a specialty called “bulz”.

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9. Papanași Returning to desserts, Papanași always makes you come back for more. Originating from the northern part of the country, this calorie bomb is very popular among all Romanians with a sweet tooth.

It's a donut shaped cottage cheese and semolina mixture that is first fried and then covered in sour cream and jam, preferabbly blueberry. This sour and sweet combination is a complete delight for your senses and feast for your eyes.

10. Salata De Boeuf (Beef Salad) No dinner party is complete without Beef Salad. This festive dish is really easy to make from ingredients “saved” from making a soup. Along with vegetables and meat cut into small cubes, the dish includes mayonnaise and is completed with pickles.

The original recipe is made with beef, but nowadays many Romanians replace the beef with chicken.

Romanian food may not look very fancy but it's very tasty and inviting. The recipes are being passed forward through generations without losing their identity or taste.

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8. Drob de miel (Lamb Haggis) Lamb Drob is a festive Easter dish that looks like meatloaf with boiled eggs inside. But this tasty appetizer is much more than meets the eye. Minced lamb offal, green onions, eggs, and bread dipped in milk are baked together along with fresh cut herbs, such as dill and parsley, and garlic.

During preparations, special attention is paid to washing the offal. There is also a variation with chicken or turkey liver that some people prefer. Lamb Drob is served cold.

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7. Cozonac (Sweet Bread) There is no Christmas or Easter without this traditional Romanian dessert. The pride of every cook, Cozonac can be a real challenge for a household because it has to be done right.

Kneading the dough is demanding work and the whole process takes a while, but the result is truly rewarding. This Romanian dessert is a type of sweetbread filled with sweet walnut paste, poppy seed paste, or Turkish delight and raisins.

It can also be found all year round in stores or fairs, but nothing compares with the taste of a homemade one.