Environmental sustainability aspects of euro banknotes are a key objective of the Eurosystem as part of its Cash 2030 strategy. The Eurosystem is committed to reducing the environmental footprint of euro banknotes and has conducted a new environmental impact assessment using the Product Environmental Footprint (PEF) methodology, as developed by the European Commission.
The PEF study on euro banknotes was conducted on the second series, the Europa series and focused on the payment function of banknotes. The study included the full lifecycle of a banknote from cradle to grave (raw material extraction to end of life of the product) and involved the contribution of key stakeholders in the cash cycle. The assessment covered 16 impact categories which goes beyond measuring only the carbon footprint but for example also assessed the impact of land, water, and the use of fossil resources.

The PEF study assessed the environmental impact of the annual cash payments by a euro area citizen using euro banknotes. The outcome of the study showed the main contributing activities to the environmental footprint of euro banknotes and identified areas where further improvements can be made.