Alongside condemning the criminal invasion and the war in Ukraine, we must also ask: “How does this crisis change the Green Deal objectives and the investment priorities of European funds?”
The Latvian government is currently analysing the necessary adjustments to European fund programmes. Although the overall framework will remain unchanged, new priorities will emerge.
Regarding the objectives of the Green Deal, both in Latvia and in the European Union as a whole, there is ongoing debate about whether these objectives should be strengthened or completely abolished. However, the geopolitical situation suggests that most of the EU Green Deal targets will need to be achieved faster and more decisively. The simplest way to understand this is by looking at the necessary shift away from fossil energy resources.
Therefore, in the near future, pressure to meet the EU Green Deal objectives will increase. Only a few specific targets may be postponed slightly further into the future — for example, in the agricultural sector.
Integrating sustainability principles into companies’ business models is a priority requirement across all European Union member states, and Latvian companies are also beginning to focus on it.
A company’s sustainability will be assessed, and businesses that are more sustainable are more likely to receive European fund investments. Therefore, the implementation of sustainability principles must begin immediately.
