Europe's journey to turn eco-friendly goals into economic growth

Author: Vanja Spahič
Date: 14. 12. 2023
Čas branja: 3 min

Europe is embarking on a critical journey towards environmental sustainability by reducing its carbon emissions. This endeavor is not solely about adopting greener practices, it is also crucial for driving economic growth.

Currently, Europe excels in cutting emissions but faces challenges in leveraging these reductions for economic prosperity. A significant aspect of this challenge lies in the production and utilization of technologies like batteries for electric vehicles and solar panels, which are predominantly manufactured outside Europe, particularly in China.

To maximize the benefits of its environmental initiatives, Europe must prioritize innovation and the development of new technologies. The European Green Deal, with its ambitious targets of reducing greenhouse gas emissions by 55% by 2030 and achieving carbon neutrality by 2050, underscores this commitment. However, these green objectives have encountered resistance from both the public and within the EU Parliament.

The upcoming 2024 elections and debates over future emission targets highlight the urgency of this period. Additionally, addressing emissions from sectors like agriculture, which still significantly contribute to Europe's carbon footprint, is essential. Europe is striving for greater self-sufficiency in green technology through legislation such as the Critical Raw Materials Act and the Net Zero Industry Act. These laws are designed to ensure Europe has access to essential materials and can bolster its domestic production of green technologies.

The Strategic Technologies for Europe Platform, with its plan to invest €10 billion to support the Green Deal through new technologies, reflects Europe's dedication to a greener future. However, challenges remain in securing funding and ensuring that strategies are well-targeted. Collaboration with non-EU countries is also vital, as evidenced by discussions at the COP28 summit on enhancing renewable energy and energy efficiency on a global scale.

In summary, Europe's transition to a greener future is not just an environmental imperative, it is a transformative journey for its economy and industries towards long-term sustainability and success. This transition demands strategic planning, the embrace of new technologies, and robust support from both the public and policymakers.

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