Our country can also make a significant contribution to enhancing the EU’s circular and green economy and sustainability policies. These issues are being discussed at the EU’s Competitiveness Council attended by Vice-Minister for Economy and Innovation Ieva Valeškaitė.
“Lithuanian business will benefit greatly from the successful implementation of the initiatives discussed at the EU’s Competitiveness Council. These initiatives build up the potential of the semiconductor industry, improve leadership in the technological field, and increase the contribution of companies to environmental protection and energy saving,” said Ms Valeškaitė.
Successful implementation of the European Chips Act, which is being discussed at the meeting, would help address the problem of semiconductor shortages and increase the competitiveness and resilience of both Lithuania and the EU as a whole in the field of semiconductor technology.
It would also play a part in the digital and green transformation and open up access to finance for businesses in Lithuania and other EU countries by mobilising more than €43 billion of public and private investment. The document sets out measures to prepare for, anticipate and respond quickly to future disruptions in supply chains with Member States and international partners.
Establishing eco-design requirements for sustainable products is another topic of interest for Lithuanian business. Meeting these requirements would boost the circular economy both in Lithuania and across the EU. This would not only increase energy efficiency, but would also help save 132 million tonnes of primary energy by 2030. This amount of energy would be equivalent to around 150 billion m³ of natural gas - almost as much as the EU imports from Russia.
The digital product passport under discussion in the Council would provide information on the environmental sustainability of products and help consumers and businesses make informed decisions when buying products. It would facilitate the repair and recycling of products and increase transparency. A digital product passport would also help authorities improve inspections and controls.
The EU’s Competitiveness Council has paved the way for further negotiations on the Sustainability Due Diligence Directive. It sets out requirements for businesses to help build a sustainable economy and meet climate change targets. In the negotiations on the Directive, Lithuania will continue to ensure that the commitments are consistent with national law, are objectively implemented and do not undermine the competitiveness of businesses and the EU as a whole, as well as the operating conditions of small and medium-sized enterprises.
