The “European Green Deal” is about making Europe climate-neutral by 2050, and reducing the emissions caused in the EU by 55% by 2030 compared to 1990. On February 1, the EU Commission presented an extension of the Green Deal: the “EU Green Deal Industrial Plan”.

As the name suggests, the focus here is on the industrial sector. The plan aims to create a more favorable environment for the Net Zero technologies and products needed to meet Europe’s climate goals.

The Green Deal Industrial Plan is based on four pillars:

1. Simpler regulatory framework: e.g. for accelerated permitting and technological standards.

2. Accelerating access to financing for “clean technologies”: e.g. through subsidies and private investment.

3. Promoting workforce competencies: e.g. offering retraining and skills upgrades.

4. Open trade for resilient supply chains: e.g. expanding free trade agreements.

According to EU Commission President von der Leyen, with the help of the new plan, the EU aims to increase its competitive advantage by investing in clean technologies, and to take a leading role on the path to climate neutrality.