Summary
Cefic supports the EU Green Deal and its goal of climate neutrality by 2050. The industry, integral to Europe’s economy, faces significant transformation challenges, including high technology risks and substantial capital needs. To maintain European competitiveness while contributing to the sustainable transformation, the chemical industry requires substantial investment “up to hundreds of billions of euros“ meaning access to finance is critical.
Cefic calls for:
- Clear definitions and realistic implementation timelines are required to ensure accurate disclosures and mitigate compliance risks.
- Flexibility in adapting to dynamic reporting obligations is essential to avoid disproportionate compliance costs.
- Coherence with existing international and EU reporting standards is necessary to prevent duplicative efforts and maintain competitiveness.