Supporting the Transition to Sustainability: SMART Reform Proposals

21 Pages Posted: 16 Dec 2019 Last revised: 12 May 2020

See all articles by Beate Sjåfjell

Beate Sjåfjell

University of Oslo - Faculty of Law

Jukka Mähönen

University of Oslo - Faculty of Law; University of Helsinki - Faculty of Law

Mark B. Taylor

Fafo Institute for Labour and Social Research

Eléonore Maitre-Ekern

University of Oslo

Maja van der Velden

University of Oslo

Tonia Novitz

University of Bristol - School of Law

Clair Gammage

University of Bristol - School of Law

Jay Cullen

University of York; University of Oslo

Marta Andhov

University of Copenhagen - Centre for Private Governance (CEPRI)

Roberto Caranta

Law Faculty - University of Turin

Date Written: December 13, 2019

Abstract

Achieving sustainability is possible. The adoption of the UN Sustainable Development Goals (SDGs) in 2015 and the Paris Agreement in the same year created a new impetus for the debate on how to do so. With an emerging recognition of the serious risks of continuing with unsustainability, there is currently unprecedented support for change. This is reflected in the EU Commission’s emphasis on an EU Green New Deal and a Just Transition. The transition to sustainability also has strong legal basis in the EU’s overarching goals set out in its Treaties, with duties to protect the environment, human rights and human dignity, within the EU and in the EU’s relations with the wider world.

The time is right for fundamental change, and the way out of the Covid19 pandemic must be a path to sustainability. To achieve sustainability, we need to change the way business operates.
The SMART project supports the transition to sustainability through a set of reform proposals that are introduced in this report. The proposals are designed to change the way business and finance operate, and the way products are produced and consumed. We aim to make it possible and easy for business and finance to create value in a sustainable manner, and for products to be produced and consumed in a way that contributes to securing a safe and just space for humanity within planetary boundaries. As such, our reform proposals concern the EU as a global actor, and the EU as a legislator and policymaker.

After publishing this introductory report in its first version in November 2019, we invited comments and suggestions to our tentative reform proposals. Based on the feedback we have received we present here our updated introductory report. Our detailed proposals are published separately on SSRN.

Keywords: EU Green Deal, sustainability, planetary boundaries, human rights, business, corporate purpose, duties of the board, due diligence, finance, banks, public procurement, circular economy, citizens

Suggested Citation

Sjåfjell, Beate and Mähönen, Jukka T and Taylor, Mark B. and Maitre-Ekern, Eléonore and van der Velden, Maja and Novitz, Tonia A. and Gammage, Clair and Cullen, Jay and Andhov, Marta and Caranta, Roberto, Supporting the Transition to Sustainability: SMART Reform Proposals (December 13, 2019). University of Oslo Faculty of Law Research Paper No. 2019-63, Nordic & European Company Law Working Paper No. 20-05, Available at SSRN: https://ssrn.com/abstract=3503310

Beate Sjåfjell (Contact Author)

University of Oslo - Faculty of Law ( email )

PO Box 6706 St Olavsplass
Oslo, 0130
Norway

HOME PAGE: http://www.jus.uio.no/ifp/english/people/aca/beatesj/

Jukka T Mähönen

University of Oslo - Faculty of Law ( email )

Karl Johansgt 47
N-0162, Oslo
Norway
+4722859534 (Phone)

HOME PAGE: http://www.jus.uio.no/ifp/english/people/aca/jukkam/index.html

University of Helsinki - Faculty of Law ( email )

Porthania 5th Floor
P.O. Box 4
Helsinki, FIN-0001 4
Finland

Mark B. Taylor

Fafo Institute for Labour and Social Research ( email )

Oslo
Norway

Eléonore Maitre-Ekern

University of Oslo ( email )

PO Box 6706 St Olavs plass
Oslo, N-0317
Norway

Maja Van der Velden

University of Oslo ( email )

PO Box 6706 St Olavs plass
Oslo, N-0317
Norway

Tonia A. Novitz

University of Bristol - School of Law ( email )

Wills Memorial Building
Queen's Road Clifton
Bristol BS8 1RJ, BS8 1RJ
United Kingdom

Clair Gammage

University of Bristol - School of Law

Wills Memorial Building
Queen's Road Clifton
Bristol BS8 1RJ, BS8 1RJ
United Kingdom

Jay Cullen

University of York ( email )

Heslington
University of York
York, YO10 5DD
United Kingdom

University of Oslo ( email )

PO Box 6706 St Olavs plass
Oslo, N-0317
Norway

Marta Andhov

University of Copenhagen - Centre for Private Governance (CEPRI) ( email )

Karen Blixens Vej 16
Copenhagen, 2300
Denmark

Roberto Caranta

Law Faculty - University of Turin ( email )

++390116703214 (Phone)
++390116703211 (Fax)

HOME PAGE: http://www.giurisprudenza.unito.it/sito2/

Here is the Coronavirus
related research on SSRN

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