Key Points
EU targets €100B investment in clean manufacturing sector
Aims to reduce corporate reporting burdens by 25%
Launches Affordable Energy Action Plan
Challenges competition from China and US
These measures form part of a new Clean Industry Deal, under which the EU executive will provide support to energy-intensive industries facing "high energy costs, unfair global competition, and complex regulations" while also promoting the clean technology sector.
The initiative is part of a broader package aimed at reducing bureaucracy, lowering energy costs, and accelerating the green transition. The Commission hopes these steps will enhance the competitiveness of Europe's struggling industries against rivals in China and the United States.
As part of the plan, the European Commission has unveiled measures to ease corporate sustainability reporting rules and supply chain transparency requirements, which businesses in Europe have criticised for being time-consuming and costly.
The Commission aims to reduce reporting burdens by 25 per cent in an initial wave of reforms during the first half of 2025, a move expected to save European businesses Euro 40 billion.
Additionally, the Commission has outlined an "Affordable Energy Action Plan" that is expected to save households and industries across the EU tens of billions of euros in energy costs.
The Commission stated that these savings will be achieved in part by addressing structural challenges that drive high energy prices, particularly the reliance on imported fossil fuels and the incomplete integration of the continent's energy grid. It also plans to enable EU liquefied natural gas (LNG) buyers to consolidate demand to strengthen the bloc's purchasing power, among other measures.
Separately, the European Commission intends to exempt most businesses from its planned carbon border tariff, arguing that they account for only 1 per cent of emissions under the scheme. (ANI/WAM)
