EU Proposes $105 Billion Clean Industrial Boost

The European Commission has proposed a plan to inject 100 billion euros into clean manufacturing and simplify regulatory processes to support struggling EU industries. This Clean Industrial Deal aims to address high energy costs, regulatory burdens, and global competition while promoting the clean-tech sector.

The European Commission has unveiled a proposal to allocate 100 billion euros to support EU industries, emphasizing clean manufacturing. This initiative aims to streamline public procurement and relax state aid rules, providing a much-needed stimulus to boost Europe's declining industrial sector.

European Commission President Ursula von der Leyen highlighted the importance of this Clean Industrial Deal, stating that it is crucial for overcoming obstacles such as high energy prices and excessive regulations that have been hindering European companies. The deal is central to a broader strategy to incentivize the green transition and enhance competitiveness against rivals such as China and the United States.

Additionally, the Commission plans to introduce reforms to simplify corporate sustainability reporting and supply chain transparency. By cutting reporting burdens by 25% by 2025, the Commission anticipates saving European companies 40 billion euros. The proposed actions also include measures to address energy costs through better integration of the continent's energy grid and reliance on local energy resources.

(With inputs from agencies.)