Announced by the President of the European Commission, Ursula von der Leyen, in her speech at the World Economic Forum this last January, this most recent measure aims to bet on clean-tech investment and continue EU’s path towards climate neutrality.
“We have a once in a generation opportunity to show the way with speed, ambition and a sense of purpose to secure the EU’s industrial lead in the fast-growing net-zero technology sector”, von der Leyen explained. “Europe is determined to lead the clean tech revolution.”
The green Deal Industrial Plan is based upon four pillars. First, it seeks a simplified regulatory framework. Thusly, it allows for a faster and better promotion of European strategic projects. This will be accompanied by the Critical Raw Material Acts, which ensures sufficient access to vital materials for these industries.
On the other hand, the Plan aims to accelerate investment and funding for clean tech production in Europe. Using the competition policy, the Commission seeks to level the playing field in those markets, while making it easier for companies to receive the necessary fundings.
Another measurement introduced is the European Year of Skills. Understanding that at least 35% of all jobs will be affected by this transition, the European Commission has a goal of providing education and skill development of the workers by establishing Net-Zero Industry Academies.
Finally, global cooperation and making trade work will play a vital part in the Green Deal Industrial Plan. Climate neutrality can only be achieved by fair competition, engagement with the EU’s partners and collaboration with World Trade Organization. To this end, initiatives such as EU’s network of Free Trade Agreement and Critical Raw Materials Club will take a front seat in EU’s policies moving forward.
The Green Deal Industrial Plan was presented by the Commission in December of 2019 and has been in active development ever since. It’s one of many policies whose goal is transforming the EU into the first climate-neutral continent by 2050.