WEF 2022: EU CEOs step up action plan on energy and food security

CEO Action Group renewed its commitment to a 55 per cent emissions reduction target by 2030

The CEO Action Group, representing 50 European companies and a combined annual turnover of 1.4 trillion euros, published its manifesto on Implementing the European Green Deal on Thursday at the World Economic Forum (WEF) Annual Meet 2022.

The group renewed its commitment to a 55 per cent emissions reduction target by 2030 and said it will focus its efforts not only on energy but also on food systems.

The manifesto specifies four drivers crucial to achieving this green transformation: innovation ecosystems; job markets; sustainability standards; and financing. It calls for closer collaboration with national and regional policy-makers to facilitate that transformation.

The Netherlands Prime Minister Mark Rutte identified expansion of renewable energy as the key to achieving genuine strategic autonomy for the European Union.

“Renewables give us the freedom to choose an energy source that is clean, cheap, reliable and ours. To make our own energy is the best answer,” Rutte said.

European Central Bank President Christine Lagarde emphasised the crucial role the private sector must play and said it is important that business and industry leaders live up to the commitments of the European Green Deal.

“The European Union is determined to end our dependence on Russian fossil fuels as quickly as possible. We need to boost investment in the technologies of the future and stop funding Putin’s war machine,” warned European Commission Executive Vice-President Frans Timmermans.

“The current global geopolitical landscape has marked a turning point for Europe. Energy security has enhanced the need to meet climate goals on an accelerated timeline, therefore the CEO Action Group for the EU Green Deal will be key in setting the trajectory for European Union’s green transition,” said Børge Brende, President, WEF.

"Europe has a unique opportunity to make itself greener, healthier and more sustainable to the benefit of all Europeans. Companies and CEOs can support this journey, which will make Europe also more competitive while striving for inclusive growth," said Feike Sybesma, Chairman of the Supervisory Board of the Royal Philips.