We need a wellbeing economy that works for people and the planet

The EU is currently confronted with emergencies that are challenging its prevailing economic models. Slogans that until recently were used as the flagship of the European project, such as growth, jobs and prosperity, are no longer enough to speak to the hearts of the young generations of Europeans. The EU is under pressure to respond to a number of multifaceted challenges, which originated from a decade of economic and migration crises, social discontent and environmental degradation. It needs to reinvent itself fast, for the sake of its citizens.

This EESC opinion aims to define what “the sustainable economy we need” should look like by exploring a new vision of prosperity for people and the planet, bringing together economic, environmental and social dimensions in an integrated manner. The EESC is calling on the EU to propose new economic models, investment decisions to harness technological advances, and new indicators for the wellbeing economy, in order to regain citizens’ trust and belief.

With the implementation of the 2030 Agenda, a commitment to eradicate poverty and achieve sustainable development by 2030 worldwide, and the European Green Deal, with the goal of becoming the world’s first climate-neutral continent by 2050, the EU has finally made these issues its top priorities.

However, the most important thing is that this Green Deal becomes a real Green and Social Deal, making sure that the transition to a climate-neutral economy, which leaves no one behind, is just and coherent from A to Z. In fact, we need to rethink the whole system.

To ensure a just and green transition and implementation of the SDGs, we have to re-think our EU economy. ‘We must reboot the system but we need new software, not just an update!’ said rapporteur Peter Schmidt. Continue reading “We need a wellbeing economy that works for people and the planet”