That the world faces the worst climate emergency of humankind has finally made it, albeit belatedly, to mainstream acceptance and political discourse. Even in Malta, a subject which has been left on the back-burner for many years, the environment was listed by one-third of the population in Eurobarometer surveys as one of the two most pressing issues facing the country.

Many doubters and even climate change denialists were surely brought on board by David Attenborough’s fantastic production last year, which depicted in very realistic terms the global ecological decline. His production was an incredibly vivid testament to the terrible impact that a growing population of humans managed to have on the earth’s climate, wildlife and oceans during the mere lifetime of a person.

Throughout the past decade, we have witnessed various attempts by governments and international institutions to seemingly act about climate change, a series of half-baked attempts that haven’t really led anywhere.

Finally, it appears that Europe’s Green Deal is a watershed moment. COVID-19 has pushed it even more to the centre of our attention. European Commission president Ursula von der Leyen called the target of a climate-neutral economy as Europe’s man on the moon moment. Yet, for such objectives to be accomplished, Europe needs both political commitment and a massive investment plan.

For the first time, it seems both are present. The Green Deal has received the political backing of member states, finally showing a clear determination to tackle climate change. Large industrial and trade lobby groups have given their intention to support and major financial institutions are proactively refocusing their investments on a greener scale.

These plans are now backed with a massive funding plan agreed upon at various levels of the EU decision-making structures, which will also be used to leverage private funding for green projects across Europe through the European Investment Bank. The commission has pledged to deliver a sustainable Europe investment plan that is set to deliver €1 trillion and a European climate law to make rules on investment clear and transparent. The Just Transition Fund will mobilise €100 billion in investment over seven years.

Ursula von der Leyen called the target of a climate-neutral economy Europe’s man on the moon moment

No less than 37 per cent of the European Recovery Fund will go into supporting the green transition, with investments such as renewable energy generation, renovating buildings and deploying electric vehicle recharging networks across Europe. All this will mean big challenges but also significant opportunities for businesses, large or small.

Very few sectors will be spared this revolution, whether its energy (naturally!), transport, construction, technology, manufacturing and agriculture. Every piece of legislation will be now up for review for realignment with the new ambitious targets.

Although there is, to a certain extent, a wait-and-see game on how operations on the ground will be impacted, there are already clear indications of the direction being taken, which can help businesses start to realign their position as from now in order to ensure first-mover advantage throughout this regeneration period.

A crucial node of the European Green Deal is the mobilisation of a circular economy, which, on its own, is targeted to reduce some 50 per cent of emissions by mid-century. Here, industries that generate most waste, such as construction, food, transport and plastic, will need to significantly up their game. The reforms being touted will also include economic instruments such as environmental and green taxation as well as improved waste management.

In this context, business are being urged, as from now, to invest in clean, safe and sustainable products, services, buildings and operations. In the context of business renewal, this needs to be seen not as a new burden but a means of creating sustainable solutions which will give them new opportunities for growth.

For too many years, politicians and policymakers struggled on finding a balancing act in the zero-sum game of economic growth and environmental sustainability. But the European Green Deal has shown we do not need to sacrifice our planet for progress.

Jesmond Saliba and Keith Zahra EU specialists, CiConsulta.