9 October 2012: The European Commissioner for Environment, Janez Potočnik, addressed attendees of the BusinessEurope Advisory and Support Group CEO Event, highlighting the importance of the private sector for achieving a transition to resource efficient growth, and outlining further steps needed by the business community to achieve a sustainable economy.

Potočnik acknowledged that the adjustment to a low-carbon and resource-efficient economy comes at a cost, but called for a focus on long-term rather than short-term profits, in the interest of addressing resource scarcity and environmental degradation. Potočnik noted the EU’s focus on effective implementation of environmental legislation and its development of a Roadmap for a Resource Efficient Europe. He recognized the need for the business community to have clear regulation, norms and standards in order to be able to invest in resource efficiency.

Pointing to closing the loops in production chains to create a “circular economy” and moving towards improved stewardship and sustainable sourcing for both renewable and non-renewable materials, as ways to increase the sustainability of the economy, Potočnik stressed that without action, the economy would face “hard walls” of supply constraints and environmental tipping points. [EC Speech Transcript]