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illuminem summarizes for you the essential news of the day. Read the full piece on the European Commission or enjoy below:
🗞️ Driving the news: The European Union (EU) leads globally in climate-neutral technology innovation, particularly in high-value patents and research & development (R&D) investment
• However, the EU faces challenges in commercializing and scaling up these technologies, as indicated in a Joint Research Centre (JRC) report
🔭 The context: The EU excels in technologies such as wind rotors, heat pumps, and heating & cooling networks where it holds over half of the high-value inventions in these areas globally
• Despite strong innovation, the EU's trade balance has declined due to increasing reliance on imports to meet domestic demand for climate-neutral solutions
🌍 Why it matters for the planet: The EU's innovation in climate-neutral technologies is crucial for global efforts to combat climate change
• These technologies play a key role in reducing greenhouse gas emissions and transitioning to a sustainable, low-carbon economy
⏭️ What's next: The EU is working on legislative frameworks like the European Critical Raw Materials Act to improve self-sufficiency and diversify supply chains
• These efforts are complemented by R&D projects aimed at developing new, sustainable technologies
💬 One quote: "The EU is ahead of its global peers in climate neutral technology innovation" (Joint Research Centre report)
📈 One stat: Public R&D investment in climate-neutral solutions in the EU increased significantly between 2016-2020, with investments growing faster than the EU's GDP in 15 of these solutions
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