EU's Strategic Roadmap to Reverse Industrial Decline and Champion Green Growth

The European Commission has announced plans to counter industrial decline, enhancing competitiveness against the U.S. and China by focusing on AI and clean energy. The Competitive Compass outlines key legislative initiatives to modernize industries like steel and cars, and foster innovations in biotech and quantum technology over the next two years.

The European Commission unveiled a comprehensive plan on Wednesday aiming to counteract industrial decline within the bloc by accelerating efforts to compete with global powers such as the United States and China in cutting-edge sectors like artificial intelligence.

Dubbed the Competitive Compass, the EU's strategic blueprint outlines legislation for both established and emerging industries, including steel, automotive, biotechnology, and quantum technology. Central to this plan is the Clean Industrial Deal, slated for release on February 26, which seeks to aid energy-intensive sectors in reducing carbon emissions.

Further measures include significant reductions in business reporting requirements, promoting European companies in public tenders, coordinating national energy policies, and cultivating a unified European market for the defense sector. Tensions with the new U.S. administration add another layer of urgency to the EU's proactive agenda.

(With inputs from agencies.)