Ionuţ BELDIMAN^

Abstract. The European Union is currently facing a number of major economic, social and envi-ronmental challenges. In this context, the emphasis is on the green economy, as it is one of the priorities of the European authorities. Moreover, the authorities are committed to making the European Union climate neutral by 2050, and the European Green Pact is the key instrument for achieving this goal with several targets and objectives to achieve. At the same time, this European Green Pact is considered a lifeline for the exit of European states from the crisis generated by the Covid-19 pandemic. An important role in the development of a climate-neutral economy is played both by digitalization, as this is the basis of economic activity, and by the reduction of gas emissions. Thus, this research will identify and analyze the impact of digitalization and the evolution of gas emissions on the economy to achieve a sustainable economy.

Keywords: European Union; green economy; digitalization; gas emissions; 2030 agenda

JEL Classification: O38, Q01, Q5, D92

1. INTRODUCTION

In the face of escalating challenges adversely impacting the economy, population, and environment, the European Union has proactively implemented a series of measures to mitigate the repercussions of these multifaceted issues. With a commitment to becoming the first climate-neutral continent by 2050, the EU has set forth interme-diate targets as part of its overarching strategy. The onset of the Covid-19 pandemic prompted an unintended reduction in economic activity and greenhouse gas emissions, yet it simultaneously thrust the European economy into a recession. Responding to this conundrum, the European Parliament called for an ambitious recovery plan rooted in the principles of the Green Pact. In response, the European Commission proposed the “Next Generation” program, aligning it with the long-term budget of the EU (2021-2027). These initiatives aspire to cultivate a greener, digital, inclusive, and sustainable Europe, fostering resilience against future economic imbalances and potential climate crises.

The European Green Pact, a cornerstone of these efforts, encompasses diverse domains such as mobility, agriculture, climate, and biodiversity protection. To ope-rationalize this vision, the European Commission has put forward a suite of proposals, including the “Investment Plan for the European Green Pact”, “Action Plan for the Circular Economy”, “European Biodiversity Strategy for 2030”, “Strategy for on-the farm to-the consumer”, “Mechanism for a fair transition”, “Industrial strategy for Europe”, “New European industrial strategy”. Notably, the Green Pact aims to enhance the well-being and health of European citizens by emphasizing public transport development, fostering access to healthy food, and promoting energy-efficient building renovations. Concurrently, it seeks to bolster competitiveness and resilience in industry, promoting product recycling, cleaner energy, and innovative, environmentally friendly technologies. Biodiversity, soil, water, and air quality are accorded heightened sig-nificance.

The concept of the “Green Economy” has emerged as a focal point for discussions within the European Union, representing a pivotal foundation for the future global economy. This paradigm shift is essential for identifying optimal solutions that address current environmental challenges while addressing economic imbalances. European authorities are actively advocating for medium- and long-term alternatives that prioritize people’s quality of life within a less environmentally polluting economic landscape. The transition to a “Green Economy” is mainly aimed at developing and implementing measures focused on sustainable investments and policies that are correlated with economic development, ecosystems, climate change, and biodiversity, but also the long-term well-being of the population. These premises must be correlated and connected in such a way as to achieve sustainable development. Regarding to sustainable development, it covers all forms and modalities of socio-economic development, which focuses mainly on achieving and maintaining a balance between four fundamental concepts, namely, social, economic, ecological and finally, natural capital. One of the most appreciated and well-known definitions of this concept was developed by the World Commission on Environment “sustainable development aims at development that seeks to meet the needs of today’s people, of course without compromising the ability of future generations to meet their own needs”. Thus, sustainable development aims to identify and establish a sustainable theoretical frame-work for adopting the best decisions on the human-environmental relationship, the economic environment and the social environment. The starting point in the deve-lopment of this concept is the identification of an optimal solution to the ecological crisis caused by the intensive industrial exploitation of resources and the continuous degradation of the environment. Through this notion, the preservation of the quality of the environment was mainly sought, and at present, the concept has gradually expanded on the quality of human life in its complexity, as well as on the concepts of socio-economic nature. At the same time, one of the fundamental objectives of sus-tainable development is the concern for equity and justice between European states.

The motivation for choosing this theme is the topical issue it presents and the highlighting of the importance of the transition to a green economy. Lately, we can see the increased interest in this subject, which is a problem regarding the future of humanity. Changing the paradigm of the economy towards a green economy is both an opportunity and a challenge for European countries, and on this basis, the environ-ment can ensure a chance for long-term sustainable economic growth. This research delves into the multifaceted concept of the “Green Economy” as a solution to the pressing issues faced by European countries. As the Covid-19 pandemic disrupts the European economic system, this study aims to explore whether the transition to a “Green Economy” can offer a sustainable answer to contemporary challenges, parti-cularly those associated with digitalization and greenhouse gas emissions.

The paper is structured into distinct sections: (i) an introduction, (ii) a review of scientific literature, (iii) the methodology of scientific research, (iv) a case study on the objectives of the European Green Pact, greenhouse gas emissions, digitization, and measures taken by authorities, and (v) concluding remarks.

2. LITERATURE REVIEW

The literature on the concept of the “Green Economy” has evolved over time, with seminal contributions shaping its trajectory. Pearce and his collaborators in a report known as the “Blueprint for a Green Economy” first exposed the concept of “Green Economy” in the late 1980s. However, in 1991 the term green economy was conceptualized in the book “The Green Economy”, the term gaining its own identity through a clear theory “The green economy is the academic discipline of the environ-ment in conjunction with economic research”, Jacobs (1991). During the 1990s and early twentieth century, the notion of the green economy “gradually disappeared from the common use of individuals and spread to international development circles”, Brown et al. (2014). However, with the emergence of the concept of sustainable development, the scientific literature has focused on it, thus capturing political attention, especially after the Rio de Janeiro Summit, which occurred in 1992. In 2008, at almost twenty years after the publication of the Blueprint for a Green Economy, international organizations have stated that the green economy is both an economic and a political response to the global financial crisis, but also to the current environmental problems of socio-economic systems, Saum et al. (2019). Another perspective on this concept aims at “the possibility of the green economy to be an operational strategy used globally that allows on the one hand the economic recovery and on the other hand the sustainable growth in the future”, Georgeson et al. (2017).

The notion of a green economy was also strengthened institutionally at the international level in 2008 with the help of the United Nations Environment Program, which launched the initiative on the implementation of the green economy at the state level and a year later, requested a Global Green New Deal, Barbier (2009). According to the United Nations Environment Program, “a healthy environment plays a key role in achieving sustainable development goals”, and in the current context, people need to accelerate and make considerable efforts to identify optimal solutions to combat pollution, climate change, biodiversity loss and, finally, the transformation of global society and economies. At the same time, the United Nations Environment Program (2010) defined the green economy as “one of the factors that result in improved human well-being and social equity while reducing environmental risks and environmental deficiencies”. Following the 2008 recession, the concept of the green economy gradually expanded internationally, and discourse on this process gradually raised interest in decision-makers’ agendas, mainly due to the support of regional development banks such as African Development Bank and the Asian Development Bank, Benson et al. (2014).

Over the years, global institutions and organizations have placed increasing emphasis on the concept of the green economy, which is viewed from several perspectives. A recent June 2021 study by the Council of the European Union shows that it has taken a favorable stance on the European Climate Law, completing the whole adoption process and subsequently transposing the climate-neutral European Union objectives into legislation in 2050. In the light of the above, the European Union supports the need and importance of making significant efforts to achieve negative emissions after 2050. European climate law sets a mandatory target for all citizens of the Member States through which greenhouse gas emissions and greenhouse gases should be reduced by about 55 percentage points by 2030 compared to 1990. The Council of the European Union (2021) stated to ensure that, by 2030, considerable efforts will be made to reduce and prevent emissions, the Climate Law will introduce a limit of 225 million tons of d carbon dioxide equivalent for the contribution of absorption to the aforesaid object.

The management of this area of activity will be carried out with the help of a Scientific Advisory Board established by the Council of the European Union on climate change. The main purpose of this Council will be to provide independent scientific advice and will report on measures, climate objectives, and indicative budgets for greenhouse gases. In the same vein, the European Commission (2020) adopted the European Green Pact as a “lifeline for overcoming the COVID-19 pandemic”. At the same time, according to this Commission (2019), “climate change along with environ-mental degradation is an existential threat globally”. To counteract the negative effects of this phenomenon, the Green Pact will gradually transform the European Union into a modern, competitive and resource efficient economy. At the same time, to meet the objectives set by the European Union, it is important to propose a change in terms of economic thinking from “doing things wrong” to “doing things right”, Stahel (2010). In this respect, the author proposes a sufficient approach, focusing mainly on “smart system solutions and not necessarily on individual products”. Thus, the completely green economy has as a starting point an intelligent system that will lead to the well-being of the population in the medium and long term. Consistent with OECD studies, improvement and action specific to environmental policies is essential for economic growth, resilience, and well-being of the population. The European Union also aims to ensure the sustainable use of natural capital, stimulate medium and long-term economic growth, and improve the quality of the environment and human well-being.

Another perspective of the concept of green economy is related to the creation of green jobs. According to the International Labor Organization (2012) report, “a job that is certainly green must take into account the integration of safety and health into policies and decisions on procurement, design, operation, supply, use and recycling”. IOM also states, “the green economy has become over time an emblem for both a society and a more sustainable economy, with the fundamental aim of protecting the environment for future generations and guaranteeing all people and members of society as inclusive and enhanced equity”. Therefore, the focus on a green economy, as well as investment in key industries and contemporary jobs, has become the key to achieving sustainable economic and social development. In the current context, social inclusion, environmental protection, and social development must be closely linked to ensuring sustainable and secure jobs, ensuring decent work for all people to be remunerated in terms of education and the effort made.

Moreover, in the research of the author Marinas et al. (2018) on renewable energy consumption and growth, the authors concluded that the emphasis on renewable energy has a positive impact on both the environment and society and the economy, generating more benefits. Their research highlights benefits such as reduced greenhouse gas emissions, decreased dependence on energy imports, job creation, and the stimulation of innovation in environmentally friendly technologies. In con-clusion, the evolving literature on the green economy encompasses a historical perspective, international institutional support, and specific applications such as the European Green Pact and green job creation. The multifaceted nature of this literature underscores the importance of integrating environmental and economic considerations for sustainable development.

3. RESEARCH METHODOLOGY

The theoretical underpinning of this research draws upon a compendium of works by scientists authors, encompassing a diverse array of perspectives. Additionally, the European Commission has been consulted, providing valuable insights into the governmental perspective. The research also incorporates a wealth of studies and reports from various organizations, enriching the theoretical framework with a multiplicity of viewpoints. Together, these diverse sources form a robust foundation for the comprehensive exploration and analysis undertaken in this study.

4. CASE STUDY

A. Objectives of the European Green Pact

On 14 July 2021, the European Commission adopted a package of measures to prepare the European Union’s policies so that, by 2030, at least 55 percentage points compared to the levels recorded in 1990 will reduce greenhouse gas emissions. The package of proposals consists of Union-specific policies in the fields of climate, land use, energy, transport, and taxation. Achieving these goals is essential in the next decade so that Europe becomes the first climate-neutral continent by 2050 and to make the commitments set out in the European Green Pact a reality. In the current context, climate change and environmental degradation pose a threat to both European and other global states. To counteract this negative phenomenon, the Green Pact will transform the entire European Union into a more modern, efficient, and competitive economy in terms of resource use. The main objectives of the Green Pact are:

• reaching a minimum or even zero level of greenhouse gas emissions by 2050;

• the economic growth of each state to be dissociated from the use of resources;

• no person or place should be left behind, each action being properly managed, in close connection with European principles.

According to studies conducted by the European Commission, the biggest challenge of the current century, but also an opportunity to build a new economic model is represented by climate change. For these reasons, the Green Pact has outlined a model to follow to achieve sustainable change from both an economic and a climatic point of view. All European Member States agreed on the importance of this model and committed themselves to taking steps to make the European Union the first climate-neutral continent by 2050, as mentioned above. In this sense, new opportu-nities will be created for innovation, investment, and finally, jobs. The Green Pact also aims to:

• reduction of net greenhouse gas emissions;

• creating new jobs that are closely related to the needs of the population and the level of professional development;

• addressing and effectively managing the specific problem of energy poverty;

• reduction of energy dependence coming from external sources;

• improving the health of citizens of European Member States;

• ensuring the well-being of people;

• supporting vulnerable citizens by combating energy inequalities and poverty, thus strengthening the competitiveness of European businesses;

• promoting the development of the specific market for zero-emission and low-emission vehicles, and in this regard the European Commission aims to ensure that citizens have the necessary infrastructure to charge these vehicles for both short-distance and long-distance travel long. Thus, from 2026 road transport is the object of trade;

• emission allowances, more precisely, there is a price for pollution, and in this way the low use of fuels with a high level of pollution is stimulated and more and more investments will be made in clean technologies;

• extending the pricing of gas emissions in order to ensure a fair contribution of the maritime sector to the effort to decarbonize the European economy;

• the share of energy from renewable sources in the energy mix of the European Union must reach the level of 40%, the European Commission proposing the efficient use of renewable fuels, as is the case of hydrogen in the transport and industrial sectors. Moreover, reducing energy consumption is key to reducing emissions and energy costs for both consumers and industry;

• aligning the minimum tax rates that are applied in the field of thermal energy and transport in close connection with the specific objectives of the Green Pact, while mitigating the social impact of this measure and providing support to vulnerable citizens;

• renovation of homes and buildings, because in this way energy savings will be increased, the environment will be protected against extreme temperatures, and the problem of energy poverty will be solved in real time and efficiently. Through this target, the European Commission will set a benchmark of about 49 percentage points, representing the share of renewable energy use in the energy mix in the building sector, which must be reached by 2030. At the same time, the European Commission will ask Member States to renovate at least 3% of the total area of all public sector buildings each year;

• restoring nature and biodiversity is a cheap and quick way to absorb and store carbon and ensure greater environmental resilience to climate change, so the Commission is aiming to restore forests, wetlands and soils. Achieving a circular and sustainable management of these resources will achieve the aforementioned objectives, such as creating new jobs, maintaining a healthy environment and improving the living conditions of citizens.

B. Evolution of greenhouse gas emissions in European countries

Climate change has negative effects on European states in various forms de-pending on the region and the level of development, leading to rising temperatures, the risk of floods, and others. The European Environment Agency has identified the effects of this situation, which has a negative impact on the economy (energy and tourism), the environment (forest fires and loss of biodiversity), health (deaths from high temperatures and damage from violent storms) and agriculture (increasing water demand and reduced crop yields). The European Union ranks third among the states that generate the highest amount of greenhouse gas emissions, after the United States and China. At European level, in 2019 Cyprus (156.9%) generated the most greenhouse gas emissions, followed by Ireland (113.8%), Spain (113.2%), and Portugal (112.6%).

At the level of the European Union, greenhouse gas emissions have shown a downward trend over time, decreasing by 24% in 2019 compared to 1990, while GDP has shown an upward trend. Thus, it is possible to see the possibility of reducing emissions while ensuring sustainable economic growth. In this context, it can be seen that the efforts made by the European authorities have a positive result, as they have exceeded the proposed target in 2008 of reducing emissions by 20% by 2020 compared to 1990 levels of gas from the European Union in 2019 is due to the electricity sector, of which emissions have decreased by about 15% amid the re-placement of coal-based electricity production with that obtained from renewable sources and natural gas. Moreover, emissions from the industrial sector decreased by about 2%, while emissions from aviation covering flights in the European Economic Area increased slightly in 2019 compared to the previous year. An important source of funding for measures to combat climate change is the revenue from EU ETS tenders. Thus, according to a communiqué of the European Commission, in the first year of the auctions, more precisely in 2012 and until the middle of 2020, the European states together with the EEA and the United Kingdom received revenues of over 75 billion Euros. Of this revenue, 77% goes to climate and energy measures. Moreover, the European Union’s climate policy costs, along with the implementation of new solutions, funding for green technologies, and international cooperation have increased significantly in 2019 and will remain the same, as there is a strong emphasis on Europe’s recovery due to the negative effects of the pandemic in all European countries. Thus, with the adoption of the European Climate Law in 2021, Parliament paved the way for even more ambitious targets, such as a 55% reduction in greenhouse gas emissions by 2030 in Europe, and then achieving neutrality climate in 2050.

Figure 1: Evolution of gas emissions in the European Union

Source: Author processing based on data provided by the Eurostat¹

C. The digital transformation of the European Union

The onset of the Covid-19 pandemic crisis has placed a strong emphasis on digital technology, which has become essential in maintaining contacts between the population and business. Moreover, the health crisis has further highlighted the im-portance of developing the digital skills of the population and improving access to high-speed internet services, both for the population and businesses, and for public services. Finally, digital technologies are vital to achieving the European Union’s climate goals, including through precision agriculture, energy systems, and smart mobility. In this context, digital transformation means much more than just the acquisition or replacement of information systems, as it involves using the possibi-lities generated by new technologies to rethink all aspects of operational processes. At the same time, according to a study conducted by the European Investment Bank, digitalization increases the performance of enterprises in terms of innovation, productivity, better paid jobs, growth, and management practices.

The launch of the European Digital Strategy in 2020 laid the foundations for digital transformation, and the progress made in the digital single market generates real benefits for European businesses and consumers, but also for those outside the Union. European Commission President Ursula von der Leyen called on the Union to be open to digital innovation, based on a common plan and clear targets for 2030, for example, in terms of digital public services, skills and connectivity. In this context, through the Union’s recovery tool, NextGenerationEu, European states are invited to allocate 20% of the financial support obtained through the Recovery and Resilience Mechanism in Digital Transformation. The success of the European Union’s digital transformation will depend on creating the necessary framework to ensure reliable technology that provides the necessary means and business confidence in digitalisation. The first pillars of the European Digital Strategy are the “White Paper on Artificial Intelligence” and the “Data Strategy”, which focus on putting people at the forefront of technology development and the need to promote and defend European rights and values in how the technology is designed, produced and used. The European Commission presented on 9 March 2021 the perspectives and vision for the digital transformation of the European Union by 2030. The Union’s digital capabilities for 2030 are outlined in four key elements, also known as the “Digital Compass”. These include skills, the public sector, infrastructure and businesses, and are highlighted in the table below.

Table 2: Presentation of the cardinal points of the digital compass of Europe

Source: Author processing

The objectives found in the Green Pact can also be achieved through digital technologies, as the use of data and the adaptation of digital solutions will be able to contribute to the transition to a climate-neutral, more resilient and more circular economy. For example, replacing employee travel with videoconferencing helps reduce emissions, while in the energy, agricultural, industrial, construction, urban and service sectors, digital technologies offer the possibility of using greener processes that contribute to the goal on reducing greenhouse gas emissions by at least 55% by 2030. Thus, thanks to major environmental standards and innovations, businesses will be able to adopt more energy-efficient and less environmentally friendly digital technologies. The digital passport of the product represents another example related to green digital solutions, because through digital technologies it is possible to label, locate, track and share data on different products along value chains. Moreover, the European product passport, together with batteries for electric vehicles and industrial applications, will help to improve the way businesses are informed and increase resource efficiency, which will ultimately enable consumers to make more sustainable choices.

D. Measures taken by the authorities to reduce emissions

Depending on the sector of activity, the European Commission has put in place several types of mechanisms to facilitate the transition to a sustainable and less harmful economy. Thus, the European authorities have implemented the first major carbon market to reduce emissions from industries and power plants. As far as companies are concerned, they have to purchase emission permits, and the lower the level of pollution, the lower the costs they will incur. This system covers 45% of gas emissions in the European Union and is achieved through the emissions trading scheme, known as ETS. Regarding to the agricultural or construction sectors, emission reductions will be achieved through emission targets set at the national level and calculated based on the gross GDP per capita of each European state. In 2019, the European Parliament supported the legislation on reducing gas emissions by 30% for new trucks, 31% for trucks, and 37.5% for new cars by 2030. At the same time, the authorities decided in 2020 to include maritime transport in the scheme for trading emission certificates starting with 2022, but also reducing emissions by at least 40% by 2030.

Another measure proposed by the European authorities to reduce gas emissions is to prepare forests for climate change. Specifically, the authorities want to force Member States to better manage forests to compensate for changes in land use. In this regard, a legal framework that is in line with the Paris Agreement will be esta-blished starting in 2021. Finally, the Commission plans to implement a gas emission adjustment mechanism to avoid the situation where companies will try to evade emission rules by moving companies out of Europe. This will introduce a carbon tax applicable to certain imports from outside the European Union, specifically for products from countries with less ambitious rules on gas emissions than those in Europe. This tax will ensure that imports from these countries will not be cheaper compared to equivalent European products.

CONCLUSION

This study contributes to the literature on the new economic context, strongly influenced by the decisions of the European authorities to create Europe’s first climate-neutral continent. Digitization plays a key role in this context, as it can reduce a sig-nificant amount of gas emissions, which are related to reducing travel in the interests of the service, as they can be achieved through video conferencing. Furthermore, carrying out online activities and storing certain information in the online environ-ment they have a positive impact on the environment, which has been severely affected by decisions taken over time. Moreover, the European authorities support the Member States in taking the most effective measures to improve the environment.

The onset of the health crisis generated by the Covid-19 pandemic was the necessary impetus for the development of digital transformation, as it forced both businesses and the public system and the population to adapt to the new economic context and move increasing towards the online environment. Thus, through the digital transformation, many businesses were able to continue their activities in the conditions of restricted physical activity and social distance. Finally, the public system went towards digitalization, which was left behind until the outbreak of the pandemic, and most public services were performed physically. Thus, the pandemic brought, in addition to the well-known negative effects and a series of opportunities for Eu-ropean countries that did not focus so much on digital transformation, as is the case in Romania. Moreover, there are numerous studies in the literature that present the benefits of digital transformation, as it leads to higher revenues for businesses, which are well above the average industry in which they operate. In addition to increasing revenues, digitalization also contributes to streamlining processes, but also to improving the interaction between companies and customers.

Future research directions should focus on identifying optimal measures to streamline economic processes at European level so that they reduce their negative impact on the environment. Moreover, in order to achieve the proposed targets for reducing gas emissions and digital transformation, there must be a closer link between the Member States and the European authorities. At the same time, where significant deviations from the environmental protection target are found, the authorities need to take much more drastic sanctions so that all parties are aware of the importance of the environment in the evolution of future generations.

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