The European Union (EU) has announced a new €100 billion support plan to accelerate the decarbonization of industry and increase its global competitiveness. This plan, called the “Clean Industry Consensus”, aims to strengthen European industry, especially by reducing energy costs and increasing infrastructure investments.
To encourage decarbonization of industry, the EU Commission will increase the use of renewable sources in electricity generation and consumption. At the same time, energy supply costs will be reduced by modernizing the grid infrastructure. The Commission also plans to reform taxes and network charges for industry to lower electricity prices.
Financial support includes a €500 million corporate power purchase program and a €1.5 billion grid investment fund from the European Investment Bank and the European Commission. In addition, an additional €50 billion will be allocated from the EU budget for industrial modernization and clean technology production. Public support rules will also be simplified by June.
In order to stabilize natural gas markets, regulations will be introduced to prevent speculation and new policies will be developed to ensure the safe use of gas storage. The EU plans to increase security of energy supply by promoting long-term energy supply contracts.
This comprehensive plan aims to save €45 billion by 2025 and €130 billion annually by 2030. The EU aims to support energy security and sustainable economic growth by accelerating the transformation of industry.