Sustainability reporting is a non-financial reporting approach that allows companies to communicate their progress in various sustainability areas, encompassing environmental, social, and governance (ESG) metrics. This reporting also addresses potential risks and impacts, contributing to the company's transparency and accountability. The primary goal is to drive tangible actions toward sustainability while presenting both positive and negative impacts on the environment, society, and the economy.
· Climate Neutrality by2050: The central and overarching goalof the Green Deal is to make the EU the world's first climate-neutral continentby 2050. This involves reducing greenhouse gas emissions to net-zero andbalancing any remaining emissions with carbon removal or offset measures.
· Just Transition Fund: Recognizing that the transition to a green economy may have social andeconomic implications, the Green Deal includes a Just Transition Fund. Thisfund is aimed at supporting regions most affected by the transition, helpingthem diversify their economies, reskill workers, and create new jobopportunities.
· Farm to ForkStrategy: The Farm to Fork Strategy ispart of the Green Deal and aims to make the food system more sustainable, fromproduction to consumption. It includes targets for reducing the use ofpesticides, promoting organic farming, and improving food labeling to enhanceconsumer information.
· BiodiversityStrategy: The EU's Biodiversity Strategyfor 2030, under the Green Deal, seeks to halt the loss of biodiversity andrestore ecosystems. It includes initiatives to protect and restore forests,improve agriculture practices, and establish nature reserves.
· Circular EconomyAction Plan: The Circular Economy Action Planfocuses on reducing waste and promoting the efficient use of resources. Itincludes measures to improve product design, enhance recycling capabilities,and reduce the environmental impact of products throughout their life cycle.
· Renovation Wave: The Renovation Wave is a program aimed at increasing the energyefficiency of buildings in the EU. This involves renovating existing buildingsto meet higher energy performance standards, reduce energy consumption, andlower greenhouse gas emissions.
· Zero Pollution ActionPlan: The Zero Pollution Action Planaims to reduce air, water, and soil pollution in the EU. It includes measuresto address industrial emissions, improve air quality, and minimize the impactof hazardous chemicals.
· Sustainable and SmartMobility: The Green Deal promotessustainable and smart mobility to reduce the environmental impact oftransportation. This involves increasing the use of electric vehicles,investing in public transportation, and improving infrastructure for walkingand cycling.
· Digitalization forSustainability: The Green Deal recognizes therole of digital technologies in achieving sustainability goals. This includesleveraging digitalization for more efficient resource use, monitoringenvironmental impact, and supporting the development of innovative green technologies.
11 December 2019: The European Green Deal was presented.
14 January 2020: The European Green Deal Investment Plan as well as the Just Transition Mechanism were presented.
4 March 2020: There was a proposal for a European climate law to ensure a climateneutral European Union by 2050. A public consultation was held on the EuropeanClimate Pact (in regards to bringing together regions, local communities, civilsociety, business and schools).
10 March 2020: The European Industrial Strategy was adopted (which is a plan for afuture ready economy).
11 March 2020: There was a proposal for a Circular Economy Action Plan that focused onsustainable resource use.
20 May 2020: The ‘Farm to fork strategy’ was presented in order to increase thesustainability of food systems. The EU Biodiversity Strategy for 2030 waspresented which focuses on the protection of fragile natural resources.
8 July 2020: Adoption of the EU strategies for energy system integration and hydrogen to pave the way towards a fully decarbonised,more efficient and interconnected energy sector.
12 July 2020: The taxonomy for sustainableactivities comes into force, to reduce greenwashing and help investors choose green options
17 September 2020: The 2030 Climate Target Plan was presented
9 December 2020: The European Climate Pact was launched.
14 July 2021: The "Fit for 55" Package was presented by the EuropeanCommission, containing a large number of legislation proposals to achieve theEU Green Deal
5 April 2022: Adoption of several initiatives under the action plan, including:
o legislative proposal for substantiating green claims made by companies
o review of requirements on packaging and packaging waste in the EU
o new policy framework on bio-based, biodegradable and compostableplastics
o measures to reducethe impact of microplastic pollution on the environment