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Free trade advocates have shown relief over the European Commission’s proposal for a “Net-Zero Industry Act” as it does not contain a provision to favour European manufacturers over foreign ones, but only a much looser provision against dependency on China.
The current crisis represents a historic turning point for the energy system and even more for the future of European industry. Diversification in natural gas supplies as an alternative to Russian ones, renewed use of fossil fuels, a push towards renewables, and storage systems are just some of the topics on top of worldwide agendas.
The European Union is scrambling to respond to the United States’ $369 billion Inflation Reduction Act without sacrificing its ‘crown jewel’ internal market
The goal is the centerpiece of a new strategy designed to boost domestic industry and cut dependencies on foreign suppliers, mainly China, a country that enjoys a vastly comfortable lead in the production of batteries, solar panels and wind turbines.
The European Commission has proposed a new industrial strategy to cut down the bloc's dependency on countries like China.