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Green deal needed in Europe’s recovery, say company leaders

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Impressions from the World Economic Forum Annual Meeting 2020 in Davos-Klosters, Switzerland, 17 January. Copyright by World Economic Forum/Pascal Bitz

Large European companies see the Green Deal as a primary tool to shape Europe’s COVID-19 economic recovery in a fair, sustainable and resilient manner

CEO Action Group for the European Green Deal launched by the World Economic Forum comprises around 30 CEOs and senior board members committed to supporting the European Commission’s Green Deal with concrete action

WED SEPT 16, 2020-theGBJournal-Chief executive officers (CEOs) and senior representatives of around 30 European companies expressed today their support for the European Green Deal as a growth strategy for Europe with a joint statement. The COVID-19 recovery is the opportunity to reset Europe’s economy with a new growth model on the path to net-zero emissions, based on circularity, renewable energy and low-carbon industries.

The CEOs said they firmly believe the way out of the current crisis cannot be more of the same. They commit to reducing their carbon footprint and to embrace new production and work models to play their part in decarbonizing Europe’s economy and achieving climate-neutrality by 2050.

“The COVID-19 pandemic requires a massive and coordinated economic stimulus to both mitigate the economic repercussions of the pandemic and, above all, to accelerate the necessary transition to a low carbon economy. We have to take more and faster action with more emphasis on sustainability and circularity. The European Green Deal presents an opportunity to do just this. It requires a strong partnership between business, politics and society. Together we can make Europe the greenest, most innovative and inclusive region in the world, where the Green Deal should provide jobs and economic prosperity at the same time. The action plan announced today by the WEF CEO Action Group for the European Green Deal is an important step with concrete actions to support this agenda.” commented the CEO Action Group Co-Chairs, Axa’s CEO Thomas Buberl and Feike Sybesma, Royal DSM’s Honorary Chairman.

The CEO Action Group for the European Green Deal, launched in autumn 2019 in cooperation with the World Economic Forum and the European Commission, seeks to mobilize business to step up commitments towards achieving the Green Deal and the EU greenhouse gas reduction targets for 2030 in order to drive a clean and inclusive economic recovery.

“The EU is putting in place the largest and greenest stimulus plan ever. It is the right time for businesses to show how they can effectively contribute to achieving the EU’s climate targets. As a next step, this group is working on lighthouse projects, which demonstrate how to step up action in areas such as sustainable transport and mobility, food and agriculture and renewable energy markets,” Børge Brende, President of the World Economic Forum, added.

The EU Commission President Ursula von der Leyen, in her State of the European Union speech today, is expected to reassert the Green Deal as a central element of Europe’s growth strategy and the region’s recovery efforts. Frans Timmermans, the European Commission’s Executive Vice-President in charge of the European Green Deal, welcomed the CEO statement: “The Green Deal is a once-in-a-generation effort to transform our economy. It is crucial to have European businesses on board, as we’ll need every company to contribute to climate neutrality and help deliver on the Green Deal. I very much support the efforts of the CEO Action Group to implement the European climate agenda.”

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