EU To Prepare Law To Help Its Green Industry

By: Trademagazin editor Date: 2023. 01. 17. 09:37

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The European Union will prepare a law to make life easier for its green industry and back it up with state aid and a European Sovereignty Fund to keep firms from moving to the United States, the head of the European Commission said on Tuesday.

Ursula von der Leyen said in a speech the moves would be part of the EU’s Green Deal industrial plan to make Europe the home of clean technology and industrial innovation on the road to net-zero CO2 emissions by 2050.

“To help make this happen, we will put forward a new Net-Zero Industry Act,” she said. “The aim will be to focus investment on strategic projects along the entire supply chain. We will especially look at how to simplify and fast-track permitting for new clean tech production sites,” she said.

The EU is concerned that European companies will move to the United States, which has a $369 billion scheme to subsidise green production. The EU will therefore provide money for its industry as well, von der Leyen said.

ESM