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In January 2020, the EU announced the European Green Deal which promised an investment of one trillion euros in sustainable industries. With the rise in the legalization of cannabis locally and worldwide, even the CBD cannabis industry is finding themselves subject to pressure to switch to more sustainable means of production.
A look at i49 shows the popularity of this product, which underscores the need for a reduction in greenhouse gasses to keep the industry at the forefront of climate change efforts. However, this deal has key points that have far-reaching implications for a variety of industries. Keep reading to find out more information.
Aiming for Climate Neutrality
Climate neutrality is the core objective of the EU's European Green Deal and focuses on achieving net-zero greenhouse gas emissions for all EU countries by 2050. European Union lawmakers are discussing making a tough law that is even tougher than the net-zero goal outlined in the European Green Deal. Originally introduced in March prior to the COVID-19 economic shutdown, this law would require EU countries to achieve greenhouse gas net removals after achieving their 2050 net-zero goal.
The EU plans to do sweeping reviews of their laws and regulations to better align them with their goals. This includes providing a plan for bringing utility systems like electrical, gas, and heat closer together, referred to as smart sector integration. Policy makers will overhaul such laws as the Energy Efficiency Directive, Emissions Trading Directive, Effort Sharing Regulation, and Renewable Energy Directive.
Creating a Circular Economy
A significant portion of the EU's European Green Deal is centered on the goal of creating a circular economy, which means eliminating waste and setting up a system for the continual use of the EU's resources. This has major implications for industries with a large carbon footprint, such as steel, cement, and textiles. One example of this is the EU's plan to implement a strategy for clean steel making, which involves the meticulous control of the melting, refining, degassing, and casting operation and uses electricity to process raw iron ore rather than carbon.
Building Renovation
Building renovation is a major focus for the EU's Green New Deal and one that may affect several industries, including the cannabis industry. The EU plans to double or triple the rate at which it is renovating older buildings and converting them to more sustainable power systems. This could mean fast, new strategies for moving existing warehouse, manufacturing, farm, and retail facilities throughout the European Union.
Sustainable Technology Research
Another important development in the European Green Deal that may affect many businesses is the plan for the EU to invest 100 billion euros over 7 years into the research of climate-friendly technologies. This has the potential to open up a wide range of new technologies across several industries and potentially revolutionize the way businesses operate locally and globally.
In January 2020, the EU announced the European Green Deal which promised an investment of one trillion euros in sustainable industries. With the rise in the legalization of cannabis locally and worldwide, even the CBD cannabis industry is finding themselves subject to pressure to switch to more sustainable means of production.
A look at i49 shows the popularity of this product, which underscores the need for a reduction in greenhouse gasses to keep the industry at the forefront of climate change efforts. However, this deal has key points that have far-reaching implications for a variety of industries. Keep reading to find out more information.
Aiming for Climate Neutrality
Climate neutrality is the core objective of the EU's European Green Deal and focuses on achieving net-zero greenhouse gas emissions for all EU countries by 2050. European Union lawmakers are discussing making a tough law that is even tougher than the net-zero goal outlined in the European Green Deal. Originally introduced in March prior to the COVID-19 economic shutdown, this law would require EU countries to achieve greenhouse gas net removals after achieving their 2050 net-zero goal.
The EU plans to do sweeping reviews of their laws and regulations to better align them with their goals. This includes providing a plan for bringing utility systems like electrical, gas, and heat closer together, referred to as smart sector integration. Policy makers will overhaul such laws as the Energy Efficiency Directive, Emissions Trading Directive, Effort Sharing Regulation, and Renewable Energy Directive.
Creating a Circular Economy
A significant portion of the EU's European Green Deal is centered on the goal of creating a circular economy, which means eliminating waste and setting up a system for the continual use of the EU's resources. This has major implications for industries with a large carbon footprint, such as steel, cement, and textiles. One example of this is the EU's plan to implement a strategy for clean steel making, which involves the meticulous control of the melting, refining, degassing, and casting operation and uses electricity to process raw iron ore rather than carbon.
Building Renovation
Building renovation is a major focus for the EU's Green New Deal and one that may affect several industries, including the cannabis industry. The EU plans to double or triple the rate at which it is renovating older buildings and converting them to more sustainable power systems. This could mean fast, new strategies for moving existing warehouse, manufacturing, farm, and retail facilities throughout the European Union.
Sustainable Technology Research
Another important development in the European Green Deal that may affect many businesses is the plan for the EU to invest 100 billion euros over 7 years into the research of climate-friendly technologies. This has the potential to open up a wide range of new technologies across several industries and potentially revolutionize the way businesses operate locally and globally.
Investing in Vulnerable Sectors
Despite the incredible need for swift changes to combat climate change, there are many sectors that still depend heavily on the use of fossil fuels to remain in business. To assist these sectors, the European Green Deal pledges 100 billion euros to research cost-effective alternatives and help them transition to a more sustainable practice. The EU will have very strict rules about how the funds can be spent and plans to offer technical help to regions that accept any money.
The Bottom Line
Climate change is a topic on the forefront of the minds of policy makers globally. The EU has taken on a leadership role in addressing these issues and other countries would do well to follow suit. They plan to offer support to all sectors in transitioning away from means of production that result in a heavy carbon footprint and are spearheading investment into new, sustainable technologies that have the potential to halt the world's current climate change trajectory.
Despite the incredible need for swift changes to combat climate change, there are many sectors that still depend heavily on the use of fossil fuels to remain in business. To assist these sectors, the European Green Deal pledges 100 billion euros to research cost-effective alternatives and help them transition to a more sustainable practice. The EU will have very strict rules about how the funds can be spent and plans to offer technical help to regions that accept any money.
The Bottom Line
Climate change is a topic on the forefront of the minds of policy makers globally. The EU has taken on a leadership role in addressing these issues and other countries would do well to follow suit. They plan to offer support to all sectors in transitioning away from means of production that result in a heavy carbon footprint and are spearheading investment into new, sustainable technologies that have the potential to halt the world's current climate change trajectory.