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illuminem summarizes for you the essential news of the day. Read the full piece on POLITICO or enjoy below:
🗞️ Driving the news: The European Commission has unveiled a €100 billion Clean Industrial Deal aimed at decarbonizing traditional industries and bolstering the EU's clean technology sector
• This initiative seeks to enhance Europe's competitiveness amidst growing challenges from China and the United States
🔭 The context: European manufacturers, particularly in sectors like steel and cement, have expressed concerns over high energy costs and regulatory burdens, which they claim hinder their ability to compete globally (see sustainability performance of companies like Holcim and ArcelorMittal)
• The Clean Industrial Deal addresses these issues by proposing measures such as lowering energy prices, stimulating demand for EU-made clean technologies, and easing regulatory requirements for small and medium-sized enterprises
🌍 Why it matters for the planet: By facilitating the transition of high-emission industries to cleaner technologies, the EU aims to significantly reduce its carbon footprint
• This strategy not only contributes to global climate change mitigation efforts but also positions Europe as a leader in sustainable industrial practices
⏭️ What's next: The Commission plans to establish an "Industrial Decarbonization Bank" to mobilize funds and attract private investments, potentially increasing the total investment to €400 billion over the next decade
Additionally, upcoming legislation will introduce "made-in-EU" quotas and carbon product labels to promote the adoption of European-made clean technologies
💬 One quote: "Today, Europe has decided to invest in its decarbonization and reindustrialization. Over 100 billion euros in all." — EU Industry Commissioner Stéphane Séjourné
📈 One stat: The EU aims to electrify 32% of its economy by 2030, up from the current 23%, as part of its strategy to reduce reliance on fossil fuels and lower energy costs
See here detailed sustainability performance of Holcim and ArcelorMittal
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