Green. But not green enough.
December 10, 2020
December 10, 2020
As part of the European Green Deal, the European Commission proposed a legally binding target of net-zero greenhouse gas emissions by 2050. And it’s up to all European companies to play a role.
The greening of Europe
As of October 2020, close to 500 European companies have committed to science-based greenhouse gas emissions reduction targets—more than North America and Asia combined. And in 2019, 882 of Europe's largest companies invested €124 billion—a full 12% of their capital expenditures—toward reducing their carbon footprint. This move delivered an estimated 2.4 gigatons of lifetime emissions savings.
A reality check on progress
But it is still early days. Four trends are creating an imperative—and an opportunity—for swifter action.
A delicate balance
As much as European companies want to respond to these imperatives, they know that some investments made to lower emissions today will not pay off for years. To accelerate Europe’s energy transition, businesses need to play both the short game—by investing in technology and fuel switching—and the long game—by positioning for new opportunities which will emerge from shifts to sustainable initiatives like electric mobility.
Founded in 2017, the European Battery Alliance is driving billions of euros into developing a globally competitive, innovative and sustainable European battery value chain.
Build on the momentum
The green energy transition in Europe is a profound source of change—for businesses, people and the planet. It will not be easy, but the opportunity is extraordinary. It is up to companies to make smart moves now to create a new future of low-carbon solutions in existing and emerging industries across Europe and accelerate the journey to a net-zero world.