However, they must continue their efforts: the amounts committed to reducing CO2 emissions represent only 10% of total investments.
Between April and July 2022, the European Investment Bank (EIB) surveyed around 13,000 companies on both sides of the Atlantic to find out how they had weathered the various shocks to which they had been subjected. From this study, it appears that European companies have coped with covid much better than we could have expected. They also seem to have tackled the problem of global warming head-on.
Between April and July 2022, the European Investment Bank (EIB) surveyed around 13,000 companies on both sides of the Atlantic to find out how they had weathered the various shocks to which they had been subjected. From this study, it appears that European companies have coped with covid much better than we could have expected. They also seem to have tackled the problem of global warming head-on. First, the very uneven shock of covid. In fact, in Europe, 33% of companies have made money thanks to the epidemic (they are even 40% in the United States), 38% have lost some but now expect to recover at the end of this year at least their 2019 level of turnover, if not more, and 6% say they have not been affected. But there are, of course, for whom it has been more difficult: 13% of businesses in the European Union will not have recovered by the end of this year what they have lost, and 11% who had not been affected by covid, have been affected by other shocks in the past two years, such as the energy crisis and the war in Ukraine. Debora Revoltella, the EIB’s chief economist, points out that “51% of companies have been affected by the pandemic, but a large part have been able to recover and post sales at least equal to those of 2019. This is partly due to the rebound in demand with the recovery following the pandemic, but also to government support measures. Measures that generally correctly targeted businesses. Aid was mainly focused on businesses that needed it the most”, rejoices the chief economist. Debora Revoltella points to another positive element: “We have seen in recent years that European firms have undertaken to transform themselves. These transformations focus on digitalization but also on the means of dealing with disruptions in commercial flows”. Almost 90% of businesses in the EU have faced disruptions related to international trade since 2021, and 60% of them say they have taken measures to increase their resilience in this regard. Transformation also due to climate change. “Around 90% of companies in the EU have already taken action in this regard, with the aim of reducing greenhouse gas emissions. Around 57% of companies invest in energy efficiency, 64% in the reduction waste and recycling, and 32% in new less polluting business sectors and technologies.” But European businesses can do better: investment to reduce CO2 emissions represents only 10% of total business investment, observes the EIB. The institution also notes that, during the pandemic, European companies have made up some of their delay in the adoption of advanced digital technology. But the technological gap between the United States and Europe remains. A subject that we deal with on pages 39 to 41 of this magazine.