On Wednesday, the European Commission unveiled a proposal to allocate 100 billion euros ($104.94 billion) to bolster clean manufacturing within the EU, forming a significant component of its Clean Industrial Deal. This initiative, integral to the Commission's competitiveness strategy, aims to assist energy-intensive sectors grappling with high expenses and bureaucratic hurdles in the international market.
As outlined by Reuters, the Commission intends to introduce guarantee schemes in collaboration with the European Investment Bank. These schemes will alleviate costs associated with long-term renewable energy contracts and provide support to manufacturers of grid infrastructure. Furthermore, the Commission plans to establish an EU Critical Raw Material Centre for joint procurement of essential metals and minerals crucial for the energy transition.
This proposal is part of a broader strategy that involves streamlining regulations, implementing carbon duties, and is contingent upon approval from the European Parliament and a reinforced majority of EU member states.
(1 euro = $1.0484)