Although the Green Deal is nothing new – the strategies, mindset, and processes involved began long ago – a number of Latvian entrepreneurs currently still have a rather vague idea of what changes await them, what opportunities the shift towards the Green Deal will open up, and what business risks will have to be taken into account in this process. This was revealed at an online event of the Kurzeme Business Club of the Latvian Chamber of Commerce and Industry (LTRK), which was organised by the Kurzeme regional branch in partnership with the Kuldīga Municipality.

“Major changes have begun that will inevitably affect industry, land management, and absolutely all other sectors. Usually, when introducing changes, we are used to following a single regulation or directive. In connection with the move towards the Green Deal, which has two goals – to lead to climate neutrality by 2050 and to maintain or improve environmental diversity – there will be a great many of them,” pointed out Kristaps Klauss, Vice President of LTRK and Executive Director of the Latvian Forest Industry Federation. He is concerned about the large and unpredictable costs that entrepreneurs will have to face during the implementation of the Green Deal. “We are being reassured that it will only cost one trillion euros, which is relatively very little in the European context. Furthermore, half of the costs will be covered by the European Union (EU) budget, one-quarter by the national budget, and only one-quarter of the costs will fall on the shoulders of entrepreneurs. This is a very incorrect calculation because, at best, the calculation only includes those sums that will be necessary for investments in new technologies or processes,” estimates K. Klauss, admitting that the impact of the Green Deal, compared to an “overhaul” of the financial system, will be mere “trifles”.