Eurochambres Twin Transition Survey
Recent economic shocks and the subsequent slowdown make investments more important than ever to improve resilience, guarantee stability, and accelerate the path towards sustainability. The European Union is providing support to national economies with the NextGenerationEU, its Recovery and Resilience Facility (RRF) instrument, and temporary schemes for liquidity support and employment (e.g., the State aid Temporary Crisis Framework). However, in the longer term, private investment in the digital sector, sustainable technologies and skills development must be stimulated to drive growth.
The Eurochambres Twin Transition Survey gathered feedback from chambers of commerce and industry in 19 countries across Europe. The survey ran during July 2022 and included questions on investment performance and accessibility of EU funding, the digital transition and green transition.
The survey was conducted to acquire a picture of business barriers and incentives in relation to greening and digitalising their activities and also – considering the challenging economic conditions across Europe - to understand the investment climate that is such a critical factor in the twin transition. Respondents additionally provided information on initiatives of national and regional chambers to support businesses at various stages in their digital and green transition.
One main takeaway of this survey is in the imperative need to address shortages of skilled workers and of raw materials for Europe’s twin transition. It is also apparent from the responses that increasing global competitors and emerging trends are main drivers of domestic demand of goods and services. This underlines the importance of a capacity to innovate and adapt for European companies’ competitiveness, both in the single market and internationally.
The responses also highlight the need to mitigate the pressure on businesses in complying with stringent regulations and standards, and excessive reporting obligations.
The feedback from this survey reinforces the importance for businesses of reliable, expert and effective support during the digital and green transition. As trusted service providers to the business community and established interlocutors with public authorities at EU, national and regional level, European chambers are well placed to provide such support and to accompany businesses through this complex process, which will be pivotal to their sustainability and competitiveness.