Peering connections are designed to link separate networking environments within the same cloud service provider, allowing them to communicate directly and privately. This is typically used to ensure that data transfer remains within the provider's network, thus reducing latency and bypassing the public internet. This direct connectivity is highly secure and can improve the performance due to the low-latency data transfer. It is often used when businesses need to keep their network traffic private while operating in different cloud service provider regions. Multi-protocol label switching (MPLS) is rather a technique for shaping network traffic flows and not specific to cloud interconnections. Content Delivery Networks (CDNs) are mainly used for globally distributing content to end-users and do not connect isolated environments. Virtual Private Networks (VPNs) could technically connect different networks, but they often involve using the public internet and would not provide the same consistent low-latency connection as a peering solution within the cloud provider's network.