kathimerini.gr
Low ESG Adoption in Greek SMEs: EU Simplification Aims to Boost Implementation
A National Bank of Greece analysis reveals that only 12% of Greek SMEs have implemented ESG actions, despite over two-thirds expressing interest; the EU's simplified ESG framework aims to increase adoption, potentially boosting competitiveness and profitability.
- What types of ESG actions are most prevalent among Greek businesses, and what are the reported benefits of these actions?
- While over two-thirds of Greek SMEs express interest in ESG, only 22% are informed, and only 12% of SMEs and 4% of micro-businesses have implemented related actions. Most actions focus on environmental initiatives like recycling and energy upgrades, with fewer addressing social and governance aspects.
- What is the primary obstacle preventing widespread ESG adoption among Greek SMEs, and how will the EU's simplified regulatory framework address this?
- Only 12% of Greek SMEs have implemented ESG (environmental, social, and governance) standards, according to a National Bank of Greece analysis. The European Union's newly announced 'competitiveness compass' aims to simplify ESG regulations, potentially unlocking opportunities for Greek businesses to adopt these standards and gain a competitive edge.
- What are the long-term economic and societal implications of increased ESG adoption in Greece, considering the current low implementation rate and potential for future growth?
- The low adoption rate is primarily attributed to a lack of information. However, one-third of businesses that have adopted ESG practices report functional benefits, including improved profitability, particularly among micro-businesses (5%). Simplified EU regulations may significantly increase adoption rates.
Cognitive Concepts
Framing Bias
The framing is largely neutral, presenting data objectively. However, the headline (if there was one) and introduction could influence reader interpretation. For example, highlighting the low adoption rate upfront might emphasize the problem more than the potential benefits. The emphasis on the positive impact on profitability of even a small percentage of adopters could be considered a subtle framing bias, making the benefits seem more substantial than the overall low rate might suggest.
Bias by Omission
The analysis focuses primarily on the findings of the National Bank's study and doesn't explore alternative perspectives on the low adoption rate of ESG practices among Greek SMEs. It omits potential external factors influencing adoption, such as economic conditions or government support policies. While acknowledging the lack of awareness as a cited reason, it doesn't delve into the reasons behind this lack of awareness.
False Dichotomy
The analysis doesn't present a false dichotomy, but it could benefit from exploring the nuances of different ESG implementation levels rather than simply categorizing businesses as 'adopters' or 'non-adopters'.
Sustainable Development Goals
The article highlights that only 12% of Greek SMEs have implemented ESG practices, indicating a significant gap in sustainable business practices. However, the European Union's simplification of ESG standards is expected to increase adoption, leading to more sustainable consumption and production patterns within Greek businesses. The increasing focus on environmental initiatives like recycling and energy upgrades by those businesses already engaged in ESG activities further supports this. Increased adoption will drive the shift towards sustainable consumption and production patterns, aligning with SDG 12.