The goal is that by 2029, all European businesses, regardless of their size and origin, will be checked for their effects on the environment and people, but also to ensure the correct use of their financial resources, in order to respond to any risks that the climate change. This was stated by the general director of Global Sustain, Maria Tsiadi, speaking at an informative event organized by the “Archimedes” Innovation and Entrepreneurship Center and the Faculty of Economics & Political Sciences of Athens University in collaboration with the Global Sustain Sustainable Development Consultants Company and with the support of Elevate Greece.
As Mrs. Tsiadi pointed out, in Europe, starting in 2024, large and listed companies will be required to officially submit their data regarding their environmental footprint, their human capital management and the functioning of their government.
It is recalled that in 2020 the EU went ahead with the initiative to commit to becoming the first Climate Neutral Continent by 2050, stipulating that it will allocate more than one (1) trillion euros to support businesses defined as green based on the EU Taxonomy Regulation, in financing of innovation, which includes start-up entrepreneurship, the development of new skills for Europe’s working population.
In this context, financial institutions have adopted procedures and required such to ensure that the money allocated to loans and other financial products ensures that the transition to a green economy using fewer resources, adoption of circular economy practices, use of renewable energy sources is strengthened , but also that this transition will be centered on people.
Startup entrepreneurship and ESG
Startup entrepreneurship (which was also the subject of the informative event) will be asked to face, in addition to the challenges of competitiveness and the legislative obligation in criteria concerning the Environment, Society and Governance (ESG) but also the exposure to increasingly large regulatory compliances regarding their operation.
ESG strategy creation model presentation
In order for a company to adequately respond to the new market data, it is necessary to adapt its business model by including, in addition to its profitability, its environmental and social action. In particular, as Ms. Tsiadi mentioned, in order for a company to prepare a strategy model based on ESG criteria, it needs to follow the following steps:
– To recognize its interested parties, i.e. the public, those who influence and are affected by its operation.
– To define those important issues that may either burden its activity, or be burdened by its operation.
– To define the goals and the actions it will adopt to achieve them, in order to effectively deal with any possible negative effects but also to find ways to improve its performance, offering more to the environment and society.
Several companies are also proceeding to record the results of this strategy, preparing Sustainable Development Reports, descriptive or quite extensive. This has created an expectation from financiers to be able to easily find this information on the companies’ official websites. And this is increasingly true for start-ups as well, added the CEO of Global Sustain.
Latest News
Bank of Greece Governor Says EU will Retaliate to Trump’s Tarrifs
The Bank of Greece Governor defended the independence of central banks amid criticism from U.S. President-elect Donald Trump, who had publicly commented on Federal Reserve Chair Jerome Powel
September in Greece Winning Tourists Over from US, Germany
Tourists continue to visit Greece off-season into Sept. with the number of inbound travelers up by 6.6% and a 7.9% rise in travel receipts.
Bitcoin Surges Toward $100K Amid Pro-Crypto Optimism in US
According to Reuters, the cryptocurrency surged to an all-time high, briefly exceeding $96,898 during Asian trading hours.
Greek Driver Violations at a Touch of a Button
Traffic offences recorded in the last five years by Greece’s “Driver Behavior Control System” are now available on Gov.gr Wallet
Milan Tops List of Most Expensive Streets, Athens’ Ermou Holds Steady at 15th Place
In Athens, following Ermou Street is the southern suburb of Glyfada and Tsimiski Street in Thessaloniki.
New Gov.gr Service Enables Secure Reporting of Minor-Related Delinquency
It should also be noted that via the recently introduced initiative ‘Safe Youth’ application citizens have access to specially tailored informative material regarding the safety of children and adolescents
Thousands Strike in Athens Over Soaring Living Costs and Stagnant Wages
Inflation, particularly in food prices, has been crushing Greek households
Greece Overhauls Property Valuation System
Greece plans to launch a revamped property value registry in 2025 and overhaul the way objective values are calculated to enhance tax revenue and improve transparency.
Greece’s New Tax Bill Foresees Tax Relief Beyond Big Business
Tax relief measures in Greece are proposed for freelancers, property owners and farmers, along with 'big business'
Unions Call Nationwide Industrial Strike for Wed.
Mass transits are usually affected, especially in the greater Athens-Piraeus area, although bus and metro services are curtailed but not fully halted