{"id":10323,"date":"2024-04-05T09:20:48","date_gmt":"2024-04-05T09:20:48","guid":{"rendered":"https:\/\/topat10.com\/?p=10323"},"modified":"2024-04-05T09:20:48","modified_gmt":"2024-04-05T09:20:48","slug":"protests-pandemics-and-prices-push-europe-into-reforming-its-green-deal","status":"publish","type":"post","link":"https:\/\/topat10.com\/?p=10323","title":{"rendered":"Protests, pandemics, and prices push Europe into reforming its Green Deal"},"content":{"rendered":"\n

In late 2019, the European Union kicked off its Green Deal with the aim of leading the world into a sustainable future. Then came Covid, surging inflation, broken supply chains and Russia\u2019s invasion of Ukraine.<\/p>\n

\n

All of that elevated energy costs, protectionism and competition on the EU agenda, making the ambitious clean shift more politically and economically challenging.\u00a0<\/p>\n

So while now should be a time of progress as the plans move from policy papers in Brussels to reality in homes from Lisbon to Helsinki, the vastly changed world means officials need to rethink some parts to keep Europe\u2019s industry going and avoid a backlash from voters.<\/p>\n

Consumers, still scarred by the cost-of-living crisis, are wary of anything that might hit their pockets, and businesses are pushing back against excessive regulation.\u00a0<\/p>\n

On top of that, climate-skeptic far-right parties are gaining traction with the public ahead of European elections in June. Already this year, some measures were relaxed after\u00a0protests by farmers<\/a>, who opposed the green push before it had barely started affecting agriculture.<\/p>\n

Reversing course isn\u2019t an option, but it\u2019s increasingly clear that Europe can\u2019t afford to mess up. Getting the overhaul wrong would mean companies and consumers foot a huge multi-trillion-euro bill for the green transition while handing an edge to China and the US.\u00a0<\/p>\n

Amid such concerns, EU diplomats say industrial competitiveness is set to shoot up the list of priorities once a new European Commission takes office after the elections.<\/p>\n

The risk of the EU losing new clean tech investment at a time when it\u2019s most needed has been compounded by the US Inflation Reduction Act, which includes about $500 billion in new green spending and tax breaks over a decade.\u00a0<\/p>\n

While there\u2019s debate over which continent is offering a more effective pathway, most agree that the EU framework is more complex and relies on a regulatory stick rather than a carrot.<\/p>\n

Investors need \u201ca business case and not prescriptive regulations,\u201c said Martin Brudermueller, chief executive officer of Germany\u2019s BASF SE and president of the European chemical industry association Cefic. \u201cRegulations in Europe are complicated, lengthy and they are not providing the incentives that would encourage you to invest.\u201d<\/p>\n

Grand Ambitions<\/h3>\n

When Commission President Ursula von der Leyen unveiled plans to make the continent climate neutral by 2050, she pitched it as Europe\u2019s moonshot moment.<\/p>\n

The idea was that the quicker the EU cut emissions and rolled out low-carbon technologies, creating new jobs at the same time, the stronger position it would have in the new global economy.\u00a0<\/p>\n

The changes needed to meet the aggressive targets were hammered out over the following years in often-heated negotiations with member states and the bloc\u2019s parliament. Dozens of measures have become law, ranging from a\u00a0de facto ban<\/a>\u00a0on combustion engines in new cars by 2035 to tougher pollution caps on companies and a new carbon market for fuels.<\/p>\n

But in that time, the repercussions of the pandemic disrupted global supply chains and highlighted Europe\u2019s dependence on imports of critical raw materials. Then Russia\u2019s invasion of Ukraine boosted energy costs, hitting an economy trying to recover from lockdowns.<\/p>\n

\u201cIf we don\u2019t deliver at home, if we sent a message out that the Green Deal caused a social upheaval, it will become an example for other countries not to follow,\u201d said\u00a0Simone Tagliapietra<\/a>, a senior researcher at the Bruegel think tank.\u00a0<\/p>\n

Keeping a lid on energy costs is one of the biggest challenges. Energy has historically been more expensive than in the US or China, but the war made the difference more pronounced, undermining competitiveness.\u00a0<\/p>\n

In the run-up to the European Parliament elections across the bloc, the commission and some member states are becoming more receptive to pleas from business. Last month, von der Leyen joined the launch of the\u00a0European Industrial Deal<\/a>, an initiative supported by almost 1,000 businesses, unions and associations urging cheaper energy, less red tape and more clean-tech funding.<\/p>\n

\u201cWe need to explain better and simpler the benefits of the transition,\u201d said\u00a0Petros Varelidis<\/a>, an advisor at the Greek environment ministry. \u201cWidespread social acceptance is a prerequisite for a successful transition.\u201d<\/p>\n

Europe is already \u2014 by its own estimate \u2014 behind track on its binding 2030 goal to cut emissions by 55% compared with 1990 levels. But it\u2019s determined to push on, and has floated the idea of another interim objective \u2014 90% by 2040.<\/p>\n

Most of the measures for 2030 have yet to start biting. The recent actions by farmers highlight how tough it will be for the commission not only to forge ahead with new regulations but even to stick to what\u2019s been agreed.\u00a0<\/p>\n

It must be a \u201cjust transition, with competitiveness for the various industries in our member states,\u201d Climate Commissioner Wopke Hoekstra told EU environment ministers last month. \u201cOne should not be at the expense of the other.\u201d<\/p>\n

To avoid backlash from voters, the EU earmarked billions of euros in funding to protect the most vulnerable and encourage companies to invest in low-carbon technologies.\u00a0<\/p>\n

Still, massive private spending will be needed, and policy makers are scrambling to design new mechanisms to attract funds. The EU estimates that meeting the 2040 target will require around \u20ac1.5 trillion ($1.6 trillion)\u00a0every year<\/a>\u00a0from 2031.<\/p>\n

In a\u00a0paper<\/a>\u00a0in March, the EU said Europe will be 3 degrees celsius hotter even if the world succeeds in limiting global warming to 1.5 degrees above preindustrial levels, causing trillions of euros of damage to the economy. A \u201cconservative estimate\u201d shows that climate change could reduce economic output by around 7% by the end of the century.\u00a0<\/p>\n

\u201cWhat we agreed so far is ambitious,\u201d said Jos Delbeke, a professor at the European University Institute in Florence and a former senior climate official at the commission. \u201cNo backtracking should happen but at the same time new regulation shouldn\u2019t make the transition more difficult either.\u201d<\/p>\n<\/div>\n

Subscribe to the new Fortune CEO Weekly Europe newsletter to get corner office insights on the biggest business stories in Europe. Sign up<\/a> for free.<\/div>\n\n","protected":false},"excerpt":{"rendered":"

In late 2019, the European Union kicked off its Green Deal with the aim of leading the world into a sustainable future. Then came Covid, surging inflation, broken supply chains and Russia\u2019s invasion of Ukraine. 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