This research examines the aspects of the green transition, including energy, funding, sustainability reporting, and workforce demographics, and their impact on Latvian businesses. The aim of the research is to offer practical recommendations to business managers and policy suggestions for the government to foster the green transition. The research analyzes the energy strategies of the Baltic Sea region countries, their interactions with the land sector, and waste management. It evaluates funding opportunities for energy projects, compiles requirements on corporate sustainability reporting, and examines labor market forecasts in relation to the green transition. Key Findings • Climate goals and the management of geopolitical risks are key assumptions the current Latvian National Energy and Climate Plan. Similar plans have been developed by other EU member states. This study examines the national plans of eight Baltic Sea region countries: Latvia, Lithuania, Estonia, Sweden, Finland, Denmark, Poland, and Germany. • Current energy prices are not seen by entrepreneurs as key incentivives for increasing energy efficiency and the transition to renewable energy. Most significant motivators currently are the requirements of potential investors, commitment of the EU, and member states. • Future development areas include: » Broader use of wind energy and nuclear energy; » Innovations in transmission and distribution networks and electricity storage; » Establishment of a European hydrogen market. • Sufficient state and EU support to entrepreneurs are available for currently identified projects, use of these funds is hindered by: » Entrepreneurs’ indifferent attitudes towards sustainability issues; » Limited company capacities, including a lack of employee knowledge. • In the longer perspective, to achieve the climate goals set by the country, it is necessary to promote larger-scale projects and seek additional funding sources at the national level to support them. • Starting 2024, sustainability reports should be gradually published. Companies need to start preparing as soon as possible by assessing workloads, forming working groups, selecting appropriate technical tools, acquiring necessary knowledge, and, if needed, hiring external consultants. • State support is necessary to prevent double reporting, create a unified CO2 emission factor database, and ensure competent feedback from responsible authorities. • The green transition requires significant investments in skill enhancement and retraining: » Green jobs cover a wide range of skills from low to high qualifications. » The greatest labor shortages are anticipated in engineering, natural sciences, and ICT (STEM) fields. » To ensure skill availability, close collaboration between educational and training institutions and businesses is essential.