European Commission President Ursula von der Leyen announced the EU’s Green Deal Industrial Plan at Davos, which includes the Net Zero Industry Act.
Following concerns that the US Inflation Reduction Act (IRA) will negatively impact EU sales of clean technologies internationally, the new act will run through to 2030.
The act aims to increase funding for upscaling domestic clean energy technologies across member states, thus reducing dependence on other countries, reforming state aid to accelerate the process.
This also includes the development of a European Sovereignty Fund, which will allocate funding in the medium-term to emerging technologies.
“The new Net Zero Industry Act will identify clear goals for European clean tech by 2030,” said Von der Leyen. “The aim will be to focus investment on strategic projects along the entire supply chain.”
“We will especially look at how to simplify and fast-track permitting for new clean tech production sites. This is pillar one – speed and access through the Net Zero Industry Act.
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