Brussels Proposes €100 Billion Plan to Enhance EU Clean Manufacturing

The European Union has introduced the Clean Industrial Deal with the aim of saving more than $47 billion in energy imports by implementing actions such as expediting project permits and enhancing subsidies for renewable energy sources, according to a report from Reuters. The European Commission predicts potential savings of 130 billion euros by 2030 through this initiative. EU Energy Commissioner Dan Jorgensen emphasized the economic advantages of cutting down on external fuel acquisitions, stating, "It's also expensive not to do anything." The EU targets a 32% electrification rate by 2030, necessitating substantial investments in power grids to facilitate the transition to cleaner energy sources.