EVENT

European Business Summit 2021

How Europe is Paving the Way in the Fight Against Climate Change

by EBR

The summit opened with Executive Vice President for the European Green Deal, Frans Timmermans, who had a lot to say about his time in Glasgow. Audiences had the privilege to listen to Mr. Timmermans’s insights. With regards to COP26, the Executive Vice President stated that “Cop26 was not the success we had hoped for, but it was certainly not a failure. In 2020, only 30% of the world’s economy had declared their net-zero goal. Now it is 90%. That is an advancement. We are speeding up. But I think we can go even faster next year”..

This year marks the 21st edition of the European Business Summit. Before the pandemic, EBS would host grand events, where debates and interviews happened face-toface, and audience members could interact with the panelists. Once the pandemic hit, EBS changed to a hybrid, limiting the number of audiences who could attend in person but allowing the rest to attend virtually. Offering audiences the chance to tune in online was a success; at the 20th edition of the summit, over 6.000 participants connected to get the chance to watch as policymakers and partners discussed serious issues affecting Europe. He highlighted the importance to achieving 1.5, which is in reference to the Paris Agreement’s objective to keep the global temperature increase to below 2°C and keep it to 1.5°C. “We cannot stop even one day; we have to continue to work very hard to achieve that 1.5. We need to make sure we have much more money for the developing world. Now that the world is coming out of the Covid crisis, we will see economic activity increase, we will see emissions increase. Mr. Timmermans finished his interview with a quick overview of the Fit for 55 plan. As part of the European Green Deal, the European Union is committing to cutting greenhouse gas emissions by at least 55% by 2030. Mr. Timmermans promised spectators that “we will see the first results all through the French presidency next year”.

This year, the summit’s premise was, Beyond Recovery: Towards a Sustainable and Innovative Europe. There panels and interviews covered a wide range of timely topics like Cop26, the Green Deal, Clean Energy, and Transatlantic Relationship. EBS received a lot of media attention this year, with moderators from Wall Street Journal, Financial Times,

France 24, Euronews, Bloomberg among others. Additionally, the summit received live coverage by CNBC, who also moderated panels with Executive Vice President for the European Green Deal, Frans Timmermans, and the Prime Minister of Belgium, Alexander de Croo.

One of the high-profile speakers who was in attendance was Kadri Simson, Commissioner for Energy at the European Commission. Ms. Simson was in a panel that focused on which energy mix for a successful clean transition. The commissioner discussed the European Green Deal’s net-zero objectives, which aims to make Europe an economy with net-zero greenhouse gas emissions by 2050. “We are moving towards Net Zero By 2050. We achieved the 2020 goal. Now our problem is the dependency on import fossil fuels. We need innovation for this sector”.

The Commissioner for Innovation and Youth at the European Commission, Mariya Gabriel, also had a few words to say at the summit. She discussed the need to focus on the next generation of European innovators in order to achieve the green and digital transition through innovation. “It is by joining forces that we can unlock the innovation potential in EU to support the green and digital transition. The main bottlenecks for EU innovation performance are the lack of innovation cohesion, the need to focus on all sources of innovation beyond research, and the lack of finance”.

Ms. Gabriel added that the Commission would be launching the European Innovation Council during the EIC Summit (which took place in November). “This new policy forum will discuss with member states about a new way to support innovators as part of this commission work on innovation and on the development of the Pan European innovation ecosystem. To deliver on this innovation ecosystem, we need to overcome different bottlenecks for innovation that continue to hinder Europe’s performance. The main bottlenecks for EU innovation performance are the lack of innovation cohesion, the need to focus on all sources of innovation beyond research, and the lack of finance”. She expressed to audiences there is progress here, and it is “progress to be proud of”.

In another interview with Bloomberg, Josep Borrell, the High Representative of the EU for Foreign Affairs & Security Policy, Vice President of the European Commission, gave audiences an insight into Europe’s transatlantic relations. He spoke of NATO, stating that he’s “in favour of NATO, but not only for NATO. I’m also in favour of European forces. If the EU strengthens its defence, it will strengthen NATO, because we are part of NATO.”

Mr. Borrell also spoke about responsibility and how uniting armies would result in financial savings. He believes that “the European’s armies will remain, they are an important part of the Member States’ sovereignty but, in some aspects, it would be good to pull them together. This rationalisation would lead to enormous savings. We should talk about responsibility rather than autonomy. We’re not seeking to be autonomous from someone or something in particular, we want to be able to be responsible for ourselves.”

Audience members were also given access to watch an interview with Belgian Prime Minister, Alexander De Croo. Mr. De Croo spoke with Silvia Amaro, from CNBC. During his exclusive interview, he discussed how Covid-19 has affected Belgium and what they are trying to do to slow it down. “We are not fighting Covid-19; we are fighting Covid-21. What I want to say with that is that it is not the same variant anymore, this is a new mutation”.

Discussions were had on how “life continues but we’ll have to be a bit more prudent to make sure that our healthcare system can remain stable”. The Prime Minister also stressed that, regardless of any new regulations, the vaccine would remain a personal choice. “A wise choice but still a choice and not an obligation” he told CNBC. Mr. de Croo also discussed the events of Cop26. “At COP 26, the ambition of the Paris Agreement has been confirmed and there was an acceleration to achieve the 1.5 goal. The EU plays an important role in this, and it will be a test market for new technologies. We have to be very clear on our market power”.

Valdis Dombrovskis, Executive Vice President of the European Commission, made an online appearance at the summit. His speech focused on the European Union’s recovery strategy following the pandemic through a business and investment perspective. Mr. Dombrovskis stated that “the Coronavirus pandemic has inflicted every large shock on global and EU economies, with severe consequences for people and businesses everywhere”. He also noted that the EU’s reaction was “quick, strong, and coordinated”. Dombrovskis believes that the new normal is one where the EU “protects the economy and people’s livelihoods” even more and offers the chance for businesses to “innovate, to lead in new cutting-edge technologies”.

The public debates at the 21st edition of the European Business Summit kept a positive tone. Those who attended on and offline are now part of a small group who had the chance to listen to first-hand accounts from policymakers who recently came back from Glasgow with fresh perspectives on how Europe will fight against climate change.