The Green Deal Industrial Plan and the EU's Sustainable Development Goals

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The Green Deal Industrial Plan aims to reduce reliance on individual countries or suppliers for clean energy. This is the fourth pillar of that GDIP which is trade and here they haven't come up with any new trade regulations but are looking at a more cohesive use of existing trade measures. There's anti-coercion instruments if you do something to do trade tariffs against us we can do it back to you. And EU foreign investment regulation so there are instruments which are being brought into this Green Deal Industrial plan as part of its broader political autonomy development.

The energy transition is prompting policy changes worldwide as governments seek to mobilize the trillions of dollars needed to transform their economies. For example, in 2022, the U.S. signed into law the Inflation Reduction Act, a comprehensive energy and climate law that allocates $370 billion in federal spending to decarbonization efforts over the next decade.

In this episode of the ESG Insider podcast, we’re turning our attention to the European Union and digging into the Green Deal Industrial Plan. The European Commission proposed the plan earlier this year to boost investment in clean-tech industries and to make the EU more competitive globally amid the transition to a low-carbon economy.

To learn about the EU’s strategy, we talk to Elisabetta Cornago, Senior Research Fellow at the Centre for European Reform, a think tank.

“The IRA was a bit of a call to action for the EU,” Elisabetta tells us.

We also speak to Hayden Morgan, Partner and Head of Sustainable Finance Advisory at Pinsent Masons, a multinational law firm headquartered in London. And we hear from Brian Hensley, Partner at climate advisory firm Kaya Partners.

Photo source: Getty Images

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