Why is the EU proposing its own vaccine sharing mechanism now?

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The EU is proposing its own vaccine sharing mechanism due to perceived shortcomings and delays in the global Covax initiative, particularly concerning funding and contractual arrangements.

The European Union has put forth a proposal for a dedicated mechanism to distribute surplus Covid-19 vaccines to neighboring states and African nations. This initiative stems from concerns that the World Health Organisation-led Covax scheme has not progressed as anticipated, especially in securing concrete vaccine supplies. The EU, having secured a substantial number of vaccine doses, aims to ensure a more immediate and effective distribution to vulnerable regions.
Covax Faces Funding and Contractual Hurdles

The Covax initiative, designed for equitable global vaccine distribution, has encountered significant difficulties in securing sufficient vaccine supplies. Internal documents reveal that Covax co-leaders identified substantial risks of failure due to insufficient funds and the complexity of contractual arrangements with vaccine manufacturers. A senior EU vaccine negotiator highlighted that pharmaceutical companies require advance payment for doses, a commitment Covax has struggled to meet. As a result, a large portion of the nearly two billion doses announced by Covax in December were based on non-binding agreements rather than confirmed bookings.
EU's Proactive Vaccine Procurement

In contrast to Covax's challenges, the European Union has been proactive in securing a vast supply of Covid-19 vaccines. The bloc has entered into agreements for nearly 2.3 billion vaccine doses and candidates from six different companies. While most of these vaccines are still awaiting regulatory approval, this significant procurement volume positions the EU to potentially share surplus doses once its own population's needs are met and regulatory processes are complete.
Prioritizing Vulnerable Regions

The proposed EU vaccine-sharing mechanism is intended to prioritize the distribution of vaccines to health workers and the most vulnerable populations. The primary target regions identified for this initiative include the Western Balkans, North Africa, and less affluent countries in Sub-Saharan Africa. This focus underscores the EU's intention to address immediate needs in areas that may be underserved by current global distribution efforts.

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Why is the EU proposing its own vaccine sharing mechanism now?

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