Tackling climate change is the single greatest challenge facing humankind today. Global temperatures are increasing, our environment is changing, with man-made greenhouse gas (GHG) emissions being the main driver.
Irish business is committed to the European Green Deal’s central tenet for Europe to become the first climate-neutral continent in 2050. If this target is to be achieved, the realisation of the 2030 interim target to reduce GHGs by 55% versus 1990 levels via the landmark Fit for 55 legislative package will be intrinsic.
As we move beyond the pandemic, the goal of economic recovery presents an opportunity to further the low carbon and sustainability agendas, aid the transition to a circular economy, improve quality of life, and bolster long-term competitiveness. Through a comprehensive policy approach with an emphasis on economic incentives and fostering investment, competitiveness and sustainability ambitions can go hand-in-hand. In tandem, the EU must strive to bring international partners along with its ambition to meaningfully address climate change and to improve global environmental, social, and governance (ESG) standards.
The EU must prioritise producing policy measures which make use of all available tools and ensure a sustainable transition based on:
- A cost-effective green transition;
- Support for low carbon investment;
- Protection for sectors at risk of carbon leakage; and
- Enable sustainable production.
