Confronted with increasing instability, increased strategic competition and growing security threats, the EU committed to taking greater responsibility for its security and to taking further decisive action to build open European sovereignty, reduce its dependencies and develop a new growth and investment model for 2030 and beyond.
This own-initiative opinion stems from the European Commission call for an "Industry 5.0" based on: human centricity, sustainability and resilience. Industry 5.0 aims thus at broadening the previous concept of Industry 4.0, providing a transformative vision for a sustainable, human-centric and resilient European industry. This opinion will reflect on how to concretely implement the concept of Industry 5.0.
This opinion is part of the EESC pilot "Enlargement Candidate Members (ECM)" where representatives from Turkey will take part in the study groups an in the Section meeting. The Turkish representatives are: Özgür Burak Akkol (Turkish Confederation of Employer Associations (TİSK), for Group I), Cavit Demiral (Confederation of Turkish Real Trade for Group II) and Ayşe Yürekli (Women Entrepreneurs Association of Türkiye, for Group III).
Climate change is an existential threat for the European economy. Therefore, a comprehensive approach is needed. In this context, based on the empirical and data analyses related to the impact of climate change on the real economy, macroeconomic and financial stability is essential. As things currently stand, intensified natural disasters will lead to unprecedented costs that will have an unpredictable impact on public finance.
The European economy is currently on a downward trend. This will lead to lower revenue and, at the same time, higher demand for spending – mainly related to the costs of climate change, higher borrowing costs and negative trends in demographic development.
Climate change is a matter of urgency and demands a green shift in our economies. To achieve the EU's climate targets, a profound modernisation of the capital stock is needed. This entails a massive expansion of public investments. The need for an EU-level investment fund to finance the green transition is also a matter of economic strength and sustainable competitiveness. One central element of closing the financing gap is an investment friendly reform of the EU fiscal rules. While the reform process is still ongoing and is supposed to be finished by the end of this legislature, it is already clear that the fiscal space for public investments at national level will not significantly increase with the reform.
Consumers are increasingly mindful of environmental and social issues when buying products, emphasizing the importance of information on product origin and distribution in their decision-making process.
The January plenary session of the European Economic and Social Committee (EESC) hosted a debate on energy infrastructure planning, pointing out that transnational electricity and gas grids are essential in connecting the Union and must be strengthened through targeted investment.
