an EU green transition plan

Clean Energy Investments and a European Sovereignty Fund for innovation And green economythe economy associated with the ecological transition.

The EU must “make the transition to zero emissions without creating new dependencies” and to do this “we need a …” Industry plan for the Green Deal“, announced the President of the European Commission, Ursula von der Leyen, from the stage of the World Economic Forum From davos

“We have to be competitive with the offers and incentives that exist outside the European Union,” says von der Leyen. A not-too-implicit reference to the Inflation Reduction Plan announced in the United States by President Biden to attract investment in green energy and clean technology: a law considered the most important environmental policy decision since the 2015 Paris Agreement.

On a financial level, “state aid would be a limited solution”, adds the Commission President: to avoid fragmentation of the single market, “we need to increase EU funding” and “in the medium term we will prepare one”. European sovereign wealth fund when reviewing our 2023 budget.” At the regulatory level, “we will propose a new ‘Net Zero Industry Act’ modeled on the Chips Act.”

“This will be a structural solution,” von der Leyen continues, “to increase the resources available for research, innovation and strategic industrial projects.” However, since this will take time, we will address one workaround to provide one fast and targeted support where it is needed most.

On energy investments, the Commission President also stressed: “Europe and the United States mean alone.” Invest nearly $1 trillion to accelerate clean energy. We have the potential to massively promote that way to climate neutrality. It’s no secret, he added, that some elements of theInflation Reduction Law in the US have raised concerns, particularly about business incentives. So we worked with our friends in the US to find solutions. For example, so that companies in the EU can also benefit from the Inflation Reduction Act. We should ensure that our respective incentive programs are fair and mutually reinforcing. At the heart of the shared vision is ours I believe competition and trade are key to accelerating clean technology and climate neutrality”.

Regarding the energy supply, von der Leyen made it clear: “The European Union has already replaced 80% of the gas supplies from Russia and at the same time we have replenished our reserves – which obviously reduced our demand by more than 20% in the period August to November”.

Simplify state aid rulesThe President of the Commission also promises: “In order to maintain the attractiveness of European industry, it is necessary to be able to compete with the currently available offers and incentives outside the EU. To do this, we will propose to temporarily adapt our state rules in order to speed up, “set up and simplify”.

Replicate that remotely Italian Economy Minister Giancarlo Giorgetti from Ecofin: “the simple relaxation of state aid rules.” It’s not a solution because it would be disproportionate to favor Member States with greater fiscal space and would thus exacerbate economic disparities within the Union.”

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