Of course, no discussion on battling climate change would be complete without thorough consideration of reducing emissions from road transport, also a key objective in Malta. Within a local context, Borda describes this as a ‘very sensitive sector’, as the discussion must move towards a change in our mindset if we want to achieve tangible change.  “The solution should not only be based on incentivising the electrification of vehicles, but also a change in our mobility model to one relying on services”. Public and sea transport should play an important role in this, she continues, but also acknowledged that the model does not appeal to the majority of the Maltese.

“At some point, important decisions will need to be taken so that road sharing will become the order of the day. It will not happen overnight, but it is important to start managing this from now if we truly want to decarbonise road transport”.

While knowledge and education are both protagonists in this green transition, states must monitor their progress to properly evaluate results from investment in this area and take the right action if the desired goal has not been reached. When it comes to Malta’s journey so far in this respect, Borda explains that bridging the knowledge gap is key. “We need to acknowledge that whatever we have done so far hasn’t left a large positive impact and we are still behind when it comes to tapping into green markets”. She goes on to explain how key stakeholders in the industry here must work as a team rather than in isolation, “we need to join forces to create the required synergies if we want to tap into a piece of the green pie”. 

A trendy term in the large discussion of going green is the Environmental, Social and Governance (ESG) goals businesses and firms all around the world have been adopting. This, in Borda’s view, shows the will to change not only from larger businesses who are adopting these principles because of new regulations but smaller firms who are also taking their ESG commitments very seriously. While the entire discussion is still in its initial stage and therefore too early to talk about results, Borda says she is confident we will see and feel the results of actions being taken in this regard. “Many businesses are aware that to remain relevant they need to step up, especially since important stakeholders within their value chain will be required to look holistically into their system and work with businesses that are aligned with their green strategy”. 

Another key point in this global green transition is sustainable finance, Gabriella says. “Money makes the world go round, and we need to ensure we convert money into green so we can make a green world go round”. Sustainable finance, she tells us, is a much larger discussion than that reflecting the local market. Annual net-zero investments must grow significantly by the year 2030, particularly in developing countries. A system-wide approach based on social dialogue and stakeholder agreement is crucial to close this gap, and in Gabriella’s words, actions need to be significant and finance must raise its game. “I believe that we need to be innovative and creative when designing new financial products. We need to analyse the instruments that are already available and come up with new solutions to bridge the gap that exists to attract investment in green solutions”.

In this respect, Gabriella says Malta can play an important role and create an ecosystem to decarbonise specific industries. This goes beyond Malta’s limitations in size or resource availability, she believes smaller countries can be more agile in adapting to change. “The road ahead will be challenging for several reasons, so a combination of effective policies, economic incentives and educational channels need to be implemented to overcome existing barriers and for Malta to tap into opportunities related to the green transition.”   

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