EU’s Ambitious 'Net-Zero Industry Act'

In a significant move towards reinforcing Europe's commitment to decarbonization, the Industry Committee has backed the "Net-Zero Industry Act," aiming to bolster the continent's manufacturing capabilities in crucial technologies required for achieving decarbonization objectives. The legislation sets ambitious targets for Europe, including producing 40% of net-zero technologies based on National Energy and Climate Plans and capturing 25% of the global market value for these technologies. Amendments proposed by Members of the European Parliament (MEPs) expand the legislation's scope to encompass the entire supply chain, covering components, materials, and machinery for net-zero technologies. The Act introduces innovative measures such as "Net-Zero Industry Valleys" initiatives to expedite permitting processes and an annual competitiveness review, fostering industry participation in shaping research agendas. Lead MEP Christian Ehler emphasized the importance of lowering administrative burdens and increasing public investment to prevent decarbonization by deindustrialization, positioning this proposal as a pivotal step toward making Europe industrially resilient.

With 43 votes in favor, 12 against, and 3 abstentions, the legislation cleared the Industry, Research, and Energy committee. Scheduled for a vote during the 20-23 November plenary session in Strasbourg, the proposal outlines key steps to meet Europe's 2030 and 2050 climate targets. The legislation aims to reduce Europe's dependence on imported technologies while fostering a more sustainable and competitive industrial landscape.

Source: News European Parliament