In mid-September, the European Parliament (EP) adopted a resolution supporting higher renewable energy targets—by 2030, 45% of the EU’s energy supply must come from renewable sources. The previously approved target was 40%. The EP also approved a new target for transportation, namely that the share of renewable energy should reach 16%.
Although the EP’s vote is not yet a final decision, it is difficult to imagine that, given the war in Ukraine, member states would fail to approve these targets. The EP also adopted more detailed decisions, such as effectively banning the production of biofuels from soy and palm oil feedstocks, as their cultivation in remote regions of the world leads to deforestation. The EP’s decisions also specifically affect the shipping, aviation, and other sectors. EU institutions continue to move forward within the framework of the so-called “green transition,” and the targets continue to rise.
In Latvia, we still hear complaints from many companies about the supposedly “bad and misguided green transition,” which they claim threatens to destroy the Latvian economy, along with hopes that they might be able to avoid complying with climate policy and green transition targets. Isn’t this just self-deception? In discussions with Latvian companies, Meta Advisory helps develop a customized corporate sustainability plan and action model that would allow companies to pursue the goals of the green transition while maintaining their competitiveness. We would like to remind you that relevant European funds are also available to support companies in improving their sustainability.
