By the EESC Employers' Group President Stefano Mallia

Climate neutrality and digital leadership will not be an easy task for Europe. The transformative agenda of the European Green Deal is as demanding as it is compelling. Some CEOs perceive it as a Herculean task, but EU employers are ready to switch gear and accelerate the roll out of the green and digital transitions.

It is clear that decarbonising industry will load energy intensive companies with high-energy costs while simultaneously imposing a massive structural change on the industrial, transport and energy sectors, risking an economic disadvantage in a competitive global market.

However, it can be achieved if the EU's overarching climate policy objective is balanced with an ambitious industrial strategy that boosts competitiveness – and an equally ambitious energy policy designed to ensure long-term energy security and affordability. There is no doubt that the updated industrial strategy, which the Commission is expected to deliver early next year, must align major strands of energy politics and industrial competitiveness.

At the same time, digital solutions are indispensable for empowering progress towards the Green Deal's goals. As Europe is lagging behind in digital development and high-speed connectivity, a "Digital Deal" for Europe is needed.

We are of the firm belief that European companies have the research capacity and the technological solutions to help our continent become a leading independent actor in the digital field.

However, there is a missing parameter in the equation and this is investment. The EU Recovery Package will provide comprehensive public financial support, which must be aligned with private funding, if we want to make sure we create the right conditions for a successful reconstruction.

We have to realise that we are at a critical juncture. Failure to take the necessary actions now will have deep and long-lasting repercussions on Europe's role in shaping the global future. Failure on this front is not an option.

On 9 December the EESC Employers' Group held a webinar titled De-carbonisation and digitalisation in the context of globalisation. The resulting recommendations to EU decision-makers can be found here: https://europa.eu/!dN89jx