The European Union’s (EU) Competitiveness Compass in conjunction with the EU’s Climate Mitigation Projects

Written by Efi Thoma, Lawyer, LL.B. | LL.M. | IMES

The EU Competitiveness Compass and the EU’s Climate Mitigation Projects are both integral to the European Union’s strategy for fostering a resilient and sustainable future. While the Competitiveness Compass focuses on strengthening the EU's global competitiveness, the Climate Mitigation Projects aim to address climate change by reducing greenhouse gas emissions and promoting sustainability.

More specifically, the EU Competitiveness Compass is a strategic tool developed by the European Commission to evaluate and track the EU's global competitiveness across key sectors. The goal is to ensure that the EU maintains and enhances its competitive edge in the global economy while meeting its climate goals. It is a part of the European Union’s broader economic and industrial policy to align competitiveness with sustainability. The EU Competitive Compass promotes innovation and digitalization across the EU’s industries while ensuring they are resilient to crises like climate change, pandemics, and geopolitical tensions.

One of the main aim’s of the EU Competitiveness Compass (the “Compass”) is to strengthen the EU industrial base, i.e. to help identify key areas where the EU’s industries are competitive and highlight sectors that need innovation and investment to stay competitive globally. It spans areas like green technologies, digital industries, and clean energy. The sustainability integration is another goal of the Compass which ensures that sustainability is a cornerstone of economic competitiveness. By focusing on innovation in green technologies, renewable energy, and resource-efficient practices, the EU aims to lead the global green transition. The Compass also evaluates Europe’s position in the global economy compared to other major economies (such as the U.S. and China), while assessing factors such as innovation, green transition, and infrastructure.

The EU’s Climate Mitigation Projects constitute efforts designed to reduce greenhouse gas emissions, increase energy efficiency, and foster a low-carbon economy. These projects are integral to the European Green Deal, which aims to make the EU the first climate-neutral continent by 2050. Climate mitigation is a core priority of the EU’s economic and industrial strategy, aligning with the focus of the Compass on green innovation and sustainability. These Projects include, inter alia, the European Green Deal, a comprehensive roadmap that drives climate action in the EU, targeting carbon neutrality by 2050, and the EU Emissions Trading System (ETS), a cap-and-trade market that puts a price on carbon emissions, incentivizing industries to reduce their emissions. ETS has been expanded with the introduction of the Carbon Border Adjustment Mechanism (CBAM) to prevent carbon leakage and encourage global efforts in reducing emissions. The EU has invested significantly in renewable energy sources like wind, solar, and hydropower, by allocating significant funds through Horizon Europe on research and innovation projects focused on the green transition.

The EU’s Competitiveness Compass and the EU’s Climate Mitigation Projects are closely interconnected, as the dire need for green innovation is a key driver of both competitiveness and sustainability. This is a crucial synergy, as the transition to a low-carbon economy will create new market opportunities for European businesses in clean energy, sustainable agriculture, green transportation, and eco-efficient industries The integration of green technologies and sustainable practices into industrial processes not only helps the EU meet its climate goals but also enables EU businesses to stay competitive in the global economy, while also enhancing the EU's competitive position in the global clean energy market.

Efi Thoma is a member of Cyprus & Greece Bar Associations (contact details: ethoma@legalexpertscy.com)

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