The European Green Deal: From Inception to Innovation

Szilárd Szélpál^1, and János Varga²

¹Doctoral School on Safety and Security Sciences, Óbudai University, Budapest, Hungary

²Vice-Dean for Education, Associate Professor, Department of Marketing and Business Sciences, Faculty of Business and Management, Óbudai University, Budapest, Hungary

Cite this paper:
Szilárd Szélpál and János Varga. The European Green Deal: From Inception to Innovation. Journal of Business and Management Sciences. 2024; 12(3):119-129. doi: 10.12691/jbms-12-3-2

Abstract

The study looks at the green transformation of our future, which may be unfamiliar to many, and the path and milestones towards a sustainable and green Europe. It's importance is crucial, because if the European Union is successfully put on a sustainable and green path by 2050, the continent will benefit from its economic and innovative advantages. The aim of this research is to present and explore the precursors that ultimately led to the Green Deal. Today, the Green Deal is the most comprehensive and far-reaching EU sustainability strategy for the period up to 2050. What other alternative sustainability strategies existed in front of the EU? Why did the creation of a circular economy become important as opposed to a linear economic model? What sovereignty and security risks does a green economic transition allow Europe to reduce? In this paper, we bring together the alternative sustainability solutions that the EU faced and that still influence the transformation of its economy today. The two possible policy development models currently facing Europe could have a profound impact on the future implementation of the Green Deal and the achievement of its goals. A comparative assessment of these models has shown why it is important for Europe to achieve the objectives of the Green Deal and the associated growth in economic development and global competitiveness, and to reduce its dependence on imports of energy and raw materials. We found that the creation of the Green Deal was a direct consequence of the political and economic development path that the EU chose for itself, while the challenge posed by a competing political model would certainly mean the end of the GD program and the economic decline of the EU. This possible political model would undermine the cooperation between the member states that has resulted in the creation of a single market, which would lead to the failure of the Green Deal and the deterioration of the quality of life of European citizens, the further exploitation of the natural environment, and ultimately the collapse of the Union.

Keywords:
European Green Agreement circular economy green economy sustainability strategy climate change

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