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European Commission Presents a Green Deal Industrial Plan for the Net-Zero Age
2nd February 2023
The European Commission has released its Green Industrial Plan in an effort to further support climate neutrality targets, and heighten Europe’s growing net-zero industrial sector. Initiatives highlighted in the plan will be aligned with ongoing efforts by the commission, including RePowerEU and the European Green Deal.
As major economies are boosting their investment in the net-zero industry, the Green Deal Industrial Plan aims to scale up European manufacturing capacity of green technologies, which are expected to play a key role in the shift to a low-carbon economy. "Modernising and decarbonising energy-intensive industries also remains a top priority", affirms the Commission in the Communication.
The strategies and initiatives outlined in the Green Deal Industrial Plan are focused on four key pillars.
Under the first pillar, the Commission will aim to develop simpler regulatory frameworks, which will subsequently accelerate the support of strategic projects necessary to meet climate targets, including CCS. This will be supported through the upcoming Net-Zero Industry Act, slated to be proposed by March 2023.
On the finance and investment front covered by the second pillar, the Plan aims to extend and accelerate investment in Europe's net-zero industry, which includes taking steps that will simplify the process behind the approval of Important Projects of Common European Interest (IPCEI). The communication also confirms that the EU Innovation Fund, which has historically supported CCS projects, will continue on, with another call set to be launched this Autumn.
Finally, under the third and four pillars of the Plan, the Commission will focus on enhancing skills needed to support net-zero industries, and enhancing how trade and trade agreements can support the green transition, under the principles of fair competition and open trade.
Read here for additional details.