Advertisement
X

EU's 'Clean Industrial Deal' to Help Polluting Industries Clean Up: Here’s How It Works

The EU's 'Clean Industrial Deal' aims to accelerate the green transition for polluting industries while addressing energy costs and regulatory challenges

EU's 'Clean Industrial Deal'

The EU published its ‘Clean Industrial Deal’ on February 26, outlining plans to help polluting industries, such as steel and cement transition to the net zero emissions future. The commission will also support clean tech companies like the firms that make electric vehicle charging points.

Advertisement

“Europe is not only a continent of industrial innovation, but also a continent of industrial production. However, the demand for clean products has slowed down, and some investments have moved to other regions. We know that too many obstacles still stand in the way of our European companies from high energy prices to excessive regulatory burden. The 'Clean Industrial Deal' is to cut the ties that still hold our companies back and make a clear business case for Europe,” said European Commission President Ursula von der Leyen.

Elements of Clean Industrial Deal

The EU aims to decarbonise, reindustralise and innovate through their deal to secure the future of manufacturing in Europe. According to the Commission, the deal will focus on some of the elements including lowering energy bills, financing clean transition to support clean manufacturing, accelerating the circular transition in use of scarce materials and implementing sectoral action plan for the chemical and tech industries.

Advertisement

As part of its initiative to achieve climate goals, the EU also published a plan aiming to bring down energy bills for businesses and consumers, as well as controversial proposals to relax environmental reporting requirements on small and medium-sized businesses, reported Reuters.

The EU proposed to make $104.97 bn available to support EU-made clean manufacturing along with measures to lower power bills. The 'Clean Industrial Deal' aims to provide support for energy-hungry industries that face “high energy costs, unfair global competition and complex regulations” while also boosting the clean-tech sector.

The EU executive has emphasised that it will stay the course on its climate goals while setting out plans to help Europe’s most polluting industries reach the green transition and watering down environmental reporting demands on companies, revealed Reuters.

The 'Clean Industrial Deal' is part of the broader plan that includes simplifying red tape and carbon duties and subject to approval in the European Parliament and amongst a reinforced majority of EU member states.

Advertisement
Show comments