European Green Deal

The Green Deal, also known as the European Green Deal, is a set of policy initiatives proposed by the European Commission with the goal of achieving climate neutrality in the European Union by 2050. This ambitious plan aims to transform the EU economy to make it more sustainable and reduce its environmental impact, with a particular focus on combating climate change.  

Objectives of the European Green Deal

The Green Deal is structured around a series of key objectives:

• Climate neutrality by 2050: Achieve net-zero greenhouse gas (GHG) emissions in the EU by 2050.
• Decarbonization of the economy: Transform the energy, industrial, transport, and agricultural sectors to reduce their greenhouse gas emissions.
• Energy efficiency and renewable energy: Improve energy efficiency and increase the use of renewable energy across all sectors.
• Circular economy: Promote reuse, recycling, and waste reduction to minimize the environmental impact of production and consumption.
• Biodiversity: Protect and restore biodiversity in the EU, including efforts to combat deforestation and soil degradation.
• Social justice: Ensure a fair and inclusive transition to a sustainable economy by creating green jobs and supporting regions and sectors most affected by the transition.

Key measures of the Green Deal

To achieve these objectives, the Green Deal proposes a wide range of measures, including:

• Climate legislation: Strengthen the EU Emissions Trading System (ETS), set more ambitious emission reduction targets for sectors not covered by the ETS, and promote investment in clean technologies.
• Industrial strategy: Support innovation and competitiveness in clean technology industries such as renewable energy, energy efficiency, and sustainable mobility.
• Sustainable mobility: Promote public transport, electric mobility, and alternative fuels to reduce transport sector emissions.
• Farm to Fork strategy: Encourage more sustainable food systems, reduce pesticide and chemical fertilizer use, and promote organic farming.
• Green financing: Mobilize public and private investments to fund the transition to a sustainable economy.

The importance of carbon footprint measurement in the European Green Deal

The Green Deal plays a crucial role in carbon footprint measurement, as it establishes a regulatory and policy framework that drives the decarbonization of the economy. Key implications for businesses include:

• Increased demand for carbon footprint measurement and management: Companies will need to measure and manage their greenhouse gas emissions to comply with new regulations and access financial incentives.
• Incentives for emission reduction: The European Green Deal offers financial and tax incentives for companies that reduce their greenhouse gas emissions, encouraging investment in clean technologies and sustainable practices.
• Transparency and reporting: Companies are required to provide greater transparency on their environmental impact, meaning they must report their greenhouse gas emissions accurately and verifiably.

The European Green Deal and the Greenhouse Gas Protocol (GHG Protocol)

The European Green Deal aligns with the principles of the Greenhouse Gas Protocol (GHG Protocol), an international standard for greenhouse gas accounting and reporting. The GHG Protocol provides a methodological framework for companies to calculate their emissions consistently and comparably.

References‍

Greenhouse Gas Protocol. (2004). The GHG Protocol Corporate Standard. World Resources Institute and World Business Council for Sustainable Development.