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Good afternoon I am following up on what Executive Vice President Filipe has just said.

Let me take you to the real added value.

Of this vision 2040 for our fisheries and aquaculture sectors.

We are dealing with 2 critical sectors that put locally produced food on our tables.

They are critical and very important for our food security.

They sustain coastal and rural economies and define the identity. Of hundreds of European communities.

However, these sectors face increasing challenges climate change, volatile energy costs,

competition for maritime space and geopolitical pressures are testing their resilience.

Declining stocks, low profitability, aging workforces and aging fleets. Limited aquacultural growth demand action.

This has been made clear through my discussions with fishers and aquaculture producers across the European Union.

But also with Member States and the European Parliament. They all expect from us.

Concrete action to address these very concrete problems and give hope for the future. Today's package brings together 3 elements. Vision 2040, which sets the strategic direction.

The Energy Transition roadmap providing a realistic,

affordable and socially fair pathway for the sectors to gradually move away from fossil fuels.

And the strategy for fisheries external action, advancing global sustainability and fair competition.

The vision rests on three interconnected pillars supply, demand. And conditions for success.

On supply, we aim to strengthen business viability through healthy stocks,

modernization, innovation and opportunities to diversify income.

On demand, we aim to promote a wider range of sustainable products. Improve consumer information and transparency. And strengthen the value of EU production.

We have also identified 5 conditions for success. The first one is about generational renewal.

Nowadays, the workforce in the fisheries sector is aging.

There is limited interest from young people to enter the profession.

Generational renewal requires profitable businesses, good working conditions,

modern workplaces and the right skills. The vision addresses these elements.

In 2027,

the Commission will present a blue generational renewal strategy to help attract and retain a new generation across the blue economy. Second is access to finance. The transition will require significant investment.

Public funding will continue to have a strategic role, including through the next MFF. Public resources alone will not be enough.

We need to mobilize private funding, including through the risking instruments. 3rd is the regulatory framework.

The 3rd condition for success is the regulatory framework. We need smart rules.

Following the evaluation of the Common Fisheries Policy regulation.

We are exploring ways to address the weaknesses revealed.

These are weaknesses communicated to me through my contacts with all key stakeholders.

As regards fisheries, the weaknesses identified include, in particular. The ineffectiveness of the landing obligation.

The need for modernization and decarbonisation of the aging fishing fleet.

The need for providing fair treatment and further support to small scale fishers,

and the need to secure a level playing field and protect our sectors from unfair competition. The vision identifies.

The issues at stake and announces our intention to act,

and proposes ways to address each of the key issues.

We have also listened to the calls to take action on aquaculture.

The Commission will work on a legislative proposal to ensure a coherent and simplified regulatory legislative framework for aquaculture across the EU to unlock its full potential. The 4th condition to success.

Access to space, we know that maritime space is becoming increasingly crowded,

with growing competition among the various activities in limited maritime space.

The Oceans Act,

which is the legislative component of the European Ocean Pact.

We will build on the revision of the Maritime Special Planning Directive and provide a clearer framework for maritime spatial planning and support a more coherent approach to the use of our seas.

The 5th condition for success is research and innovation.

The future of these sectors will increasingly depend on their ability to understand. Change, innovate and adapt.

The upcoming water and ocean research and innovation strategy will contribute to this direction.

Moreover, through our recently announced Ocean Observation Initiative, the Ocean Eye.

Through better ocean data and through stock monitoring, we can support informed decisions.

A few words about the EU ocean strategy for fisheries external action.

We know that EU fisheries are deeply connected to the rest of the world.

We fish outside the European Union and we depend on trade to meet our consumers' demands.

We need stronger EU external action that supports sustainability and a level playing field, first,

by promoting sustainable global fisheries management through multiannual cooperation in international and regional fora,

always anchored in the Law of the Sea UNCLS.

Second, by addressing overcapacity and unfair competition, mainly through the World Trade Organisation.

Third, by upholding social responsibility,

international labor standards in fisheries must be ratified and implemented by all nations and will support non EU countries to Maciej these standards.

Finally, as far as the energy transition roadmap is concerned.

The transition will take place in 2 phases.

In the first phase, the focus will be on energy efficiency, research and innovation. And pilot projects and demonstrators.

The second phase will focus on scaling up proven low emission technologies alongside the necessary infrastructure,

financing, and skills.

Dear friends, our destination is 2040,

but the decisions that will determine whether we get there start today.

Our objective is clear healthy ecosystems, viable businesses,

attractive careers and thriving coastal and rural communities.

This is the future we want for European fisheries and aquaculture,

and this vision provides the direction to build it.

Thank you very much for your attention, and we are ready for questions.