European Green Deal Policy for the Circular Economy : Opportunities and Challenges

Abstract

In December 2019, a European Green Deal was introduced to the EU and its community as a new development strategy by the European Commission (EC). The key goal of the European Green Deal is to reshape the EU into an ethical society with efficient use of resources and a modern-competitive economy. The European Commission targets an absolute reduction of greenhouse gases net emissions by 2050 in all EU. Thus, one of the most important actions in implementing this new growth strategy “EGD” is to coordinate the industry for a circular and clean economy. To reach this goal, EC introduced the most advanced legislation follow-up package that EU's society and businesses can benefit from. This legislation package includes actions and steps with a connecting guideline of principal policies, starting from a very determined goal in eliminating emissions, as well as investments in related innovation and research in order to protect the natural environment of Europe. However, reaching the goal of being the first among other continents to be climate- neutral by 2050 is so far the biggest challenge, as well as the greatest opportunity for Europe. In reality, in order to implement such advanced goals, obstacles need to be addressed as well, in national and international level. Thus, this paper analysis the European Green Deal (EGD) policy, the opportunities provided by EGD, and in particular the challenges faced for reaching the targets of EGD.