Europe’s efforts to foster the investment needed to build a sustainable economy and fend off challenges from the US and China are still in the very early stages. Know more:
Europe’s efforts to foster the investment needed to build a sustainable economy and fend off challenges from the US and China are still in the very early stages.
On top of the race to attract investment, secure key raw materials and develop technology, the 27-nation EU has to contend with an unprecedented energy crisis, which pushed power and natural gas prices to all-time highs last year. Even as they’ve fallen dramatically, Europe’s new reliance on liquefied natural gas—including from the US—locks in higher costs.
“The proposal for the Net-Zero Industry Act reads more like a Zero Industry Act,” said Marco Mensink, director general of European chemical industry association Cefic. “It is very unlikely to become a game changer for the EU industry’s competitiveness as it does not look at the problem from a business and investor perspective.”
“Much work remains to be done and the industry must work closely with the European institutions on the measures that follow this first milestone,” said the company’s Chief Executive Officer Francesco Starace. The experience of Rock Tech Lithium Inc., a startup building Europe’s first lithium refinery in a small German town at the Polish border, underscored the deficiencies of the EU approach. The startup is looking to build its second plant and will “very likely” opt for North America due to the subsidy schemes, Chief Executive Officer Dirk Harbecke said.
“What is striking about the proposal? It doesn’t throw new money around,” said Peter Vis, senior adviser at Rud Pedersen Public Affairs in Brussels. “Most of the emphasis to ensure that clean technologies will be ramped up focuses on specifics on how to remove bottlenecks slowing clean-technology deployment.”
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