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The proposals form part of the Green Deal Industrial Plan and aim to scale up technology and materials for the energy transition.

By Paul A. Davies, Beatrice Lo, JP Sweny, Alexander Buckeridge-Hocking, Michael D. Green, and James Bee

On 16 March 2023, the European Commission (Commission) formally proposed two legislative initiatives and announced the development of a European Hydrogen Bank as part of its program to enhance the EU’s competitiveness in green technologies and support its transition towards net zero greenhouse gas emissions by 2050.

The Plan aims to “simplify, accelerate and align incentives to preserve the competitiveness and attractiveness of the EU as an investment location for the net-zero industry”[1].

By Paul A. Davies, Michael D. Green, and James Bee

On 1 February 2023, the European Commission (Commission) presented a proposal for a Green Deal Industrial Plan for the Net-Zero Age (the Plan). The Plan forms part of the European Green Deal adopted in 2019, which sets out the EU’s green transition ambitions and climate targets towards reaching net zero by 2050. The Plan sits alongside other Green Deal initiatives, including the “Fit for 55” package of policies (which seek to reduce greenhouse gas emissions by 55% from 1990 levels by 2030), as well as REPowerEU (introduced to reduce reliance on imported fossil fuels and provide clean and affordable energy).

The Plan is designed to support the scaling up of the EU’s net zero manufacturing capacities and installation of sustainable products and energy supplies, whilst also enhancing the competitiveness of Europe’s net zero industry. This Plan is particularly relevant in light of the US Inflation Reduction Act in the US, which aims to mobilise over $360 billion by 2032[2], and recent concerns in relation to energy security and energy prices in the EU.