For Malta Business Bureau President (MBB), Simon De Cesare, the green economy is the way of the future: we either adapt, or we lose out.

Noting that the European Union is at the forefront in efforts of greening the economy, the MBB President explained that the European Green Deal contains clear objectives to reduce emissions by 2030 and achieve climate neutrality by 2050.

However, he warned of the short-term costs inherent in shifting towards a greener economy. “The right timing will need to be found for the introduction of measures that will have a cost impact on the private sector, which could have been somewhat possible to integrate in normal times but impossible to sustain during this sensitive period,” he maintained.

In his opinion, the overall vision of a greener economy is there, the roadmap to get to it is defined, and the commitment to achieve it is confirmed. What must be done, he insisted, is to have all public and private stakeholders onboard, working together and understanding each other ’s necessities.

“The transition to a green economy will not be achieved in a top down or in a one-size-fits-all approach. It will succeed through dialogue for the formation of clear policies, economic incentives that attract investment, and will be based on effective implementation, and a serious post-evaluation of policy actions to continuously improve and adapt where needed,” Mr De Cesare insisted.

This is an extract of an article that first appeared in the June edition of The Malta Business Observer