Trade and Sustainability

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The COVID-19 pandemic has accelerated the adoption of sustainable consumption patterns, with an increasing focus on environmentally-friendly products. This crisis has also highlighted the need for a shift towards a sustainable development model, linking to the issue of climate change. The European Union has been promoting the Green Agreement in response to the Paris Agreement and the UN Sustainable Development Goals, which urges companies to set environmental targets. With a significant part of the Recovery Fund expected to finance sustainable development actions, businesses are expected to prioritize the efficient use of natural resources, the reuse and recycling of products, waste reduction, and energy efficiency. The Russia-Ukraine war has underscored the importance of self-sufficiency and sustainable development. In the food sector, retailers and wholesalers have been supporting local food producers and suppliers to promote sustainable and local production, while meeting changing consumer demand and providing nutritional information. In the fashion sector, there is a shift towards ecological principles and socially responsible and fair production practices. The transition to a green economy is a major objective of the decade to ensure sustainable development. Given Greece’s geographical exposure to the climate crisis, promoting sustainable development is crucial. Small commercial enterprises must adapt to these changes and reach the sustainable development goals. However, there is a risk that the sustainability objective may lead to a violent “creative destruction” in the retail sector.