Skip to main content
European Climate Pact
Conferences and summits

Satellite event: Opportunities and challenges of the Green Deal

Opportunities and challenges of implementing the Green Deal for European competitiveness

 The EU is in a crucial phase, amidst an increasingly complex international environment and a series of interconnected crises. Keeping the Green Deal on the right track becomes essential to ensure the competitiveness of the European industrial system, in a context where green transition has become a key factor in global markets. In China, renewables and clean tech accounted for 40% of GDP expansion in 2023. The American IRA attracts significant investments. The massive shift in financing towards new sectors such as renewables, batteries, and electric vehicles is a strong signal for the European industry.

In the era of multi-crises, the climate crisis has now become a matter of national security. The effects of climate change are evident in agriculture, with significant drops in yields. In Spain, the world's largest producer of olive oil, production plummeted to around 620,000 tons in 2023. Economic losses attributed to extreme weather conditions are growing: 59.4 billion euros and 52.3 billion euros respectively in 2021 and 2022 in EU member countries.

These are global impacts that threaten the stability of nations, increasing the likelihood of conflicts and migrations linked to environmental disasters. On the economic front, inflationary pressures due to resource scarcity are increasingly integrated into economic models and change the risk assessment of investments.

There are positive aspects. Renewable energies have now become the cheapest in history. The rapid conversion of national economic systems is a factor in industrial competitiveness.

In Spain, nearly 70% of the national electricity demand in March was covered by renewables, pushing prices down to an average of 20 euros per MWh on a monthly basis. In Italy, it reached 89 euros.

While Southern Europe, including Portugal and Greece, is benefiting from the acceleration of the energy transition, Italy seems to have not yet fully exploited its potential in energy, resources, and industrial intelligence.

The European Green Deal is a major investment and industrial conversion plan. The future of Europe will depend on the ability to align medium-term strategic objectives with short-term needs.

  • climate change policy | sustainable development
  • Wednesday 22 May 2024, 17:30 - 19:30 (CEST)
  • Rome, Italy

Practical information

When
Wednesday 22 May 2024, 17:30 - 19:30 (CEST)
Where
Centro Studi Americani
Rome, Italy
Languages
Italian
Organisers
Centro Studi Americani
Website
Learn more