Recital 11

(11) By way of Regulation (EU) 2021/1119 of the European Parliament and of the Council (4), the Union also legally committed to becoming climate-neutral by 2050 and to reducing emissions by at least 55 % by 2030. Both these commitments require changing the way in which companies produce and procure. The Commission Staff Working Document accompanying the communication of the Commission of 17 September 2020 on ‘Stepping up Europe’s 2030 climate ambition Investing in a climate-neutral future for the benefit of our people’ (2030 Climate Target Plan) models various degrees of emission reductions required from different economic sectors, though all need to see considerable reductions under all scenarios for the Union to meet its climate objectives. That plan also underlines that ‘changes in corporate governance rules and practices, including on sustainable finance, will make company owners and managers prioritise sustainability objectives in their actions and strategies’. The communication of the Commission on the European Green Deal sets out that all Union actions and policies should pull together to help the Union achieve a successful and just transition towards a sustainable future. It also sets out that sustainability should be further embedded into the corporate governance framework. The framework for Union action in the field of the environment and climate set out in Decision (EU) 2022/591 of the European Parliament and of the Council (5), aims to accelerate the green transition to a climate-neutral, sustainable, non-toxic, resource-efficient, renewable energy-based, resilient and competitive circular economy in a just, equitable and inclusive way, and to protect, restore and improve the state of the environment by, inter alia, halting and reversing biodiversity loss.

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Source: EUR-Lex CELLAR · retrieved 2026-08-27 · Text as adopted (Official Journal); later amendments are not incorporated in this text.