Social Corporate Responsibililty – The European Green Deal

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The European Chambers of Commerce meet to discuss Corporate Social Responsiblity and the European Green Deal

On March 4, Max Gosch participated in a meeting that was attended by the Spanish Minister for the Ecological Transition and the Demographic Challenge, Teresa Ribera, and the Deputy Director of the European Commission in Spain, Jochen Müller.

During the event, the priorities of the European Green Deal were studied in depth, within the framework of corporate social responsibility, which should inspire the business sector in the short and long term, exposing the opportunities and challenges that the ecological transition presents in the hands of leading companies in sustainability belonging to the different European chambers of commerce in Spain.

Teresa Ribera commented during the meeting that Spain shares the strategic vision that it is necessary to rethink the productive fabric and generate a drag reaction. That is why the Government of Spain has promoted a National Recovery, Transformation and Resilience Plan in line with the objectives of the European Green Deal”. This recovery plan aims to provide the public financing necessary for the energy and digital transformation of the Spanish economy and mobilize private capital with a multiplier effect of 1 to 4.

Special emphasis was placed on the importance of corporate social responsibility and the European Green Deal, which is moving forward in an agile and efficient way in the face of the difficulties presented by the pandemic. At the meeting, the example of the pandemic was used to emphasize how important it is that we work together to overcome the economic crisis we are currently facing. The European Union is mobilizing resources like never seen before, some 1.8 billion euros, destined to transform our economic and productive model taking into account social and environmental needs.

In this context of corporate social responsibility and the European Green Deal, Max Gosch, Managing Partner at UHY Fay & Co Madrid, explained that the Non-Financial Information Statements (EINF) will be fundamental so that large and small companies “can transmit their environmental and social achievements to its stakeholders, which will affect its strategic position when it comes to obtaining alliances and financing, as well as to build brand reputation”.

Corporate social responsibility affects companies and companies do not always know how to interpret social measures or the regulatory framework, so the way in which the Sustainable Development Goals are incorporated into business strategy is important, since groups of interest and society in general demand transparency. And it is that the Preparation of Non-Financial Information Statements is not a cost, but an opportunity.

During the meeting it was also commented that Spain offers great opportunities due to its enormous potential in the generation of renewable energies and its position as a world leader in the sector. The fact that the EU has put in place a mechanism to help countries that do not have so many resources for the generation of renewable energy opens a window of opportunities for Spain, which will be able to make use of its knowledge in the matter and capacity to generate clean energy.

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