Europe's Industrial Edge: A Plan for Competitiveness and Green Growth

The European Commission unveiled a long-term strategy aimed at enhancing competitiveness in global industries, focusing on innovation and decarbonization. Key elements include simplifying rules for businesses, investing in clean technology, advancing AI, and sticking to climate goals, all while addressing existing challenges from China and the U.S.

The European Commission has rolled out an extensive strategy designed to boost the EU's competitiveness in global markets amid rising challenges from China and the U.S. The plan, set to guide the EU over the next five years, seeks to foster innovation and decarbonize the manufacturing sector.

A prominent focus of the strategy is on simplifying business regulations and accelerating investments, particularly through the 'Clean Industrial Deal'. This initiative aims to aid energy-intensive industries in their transition towards cleaner technologies, offering fast-tracked permits and reducing sustainability reporting burdens.

Additionally, the commission plans to streamline access to venture capital and support for start-ups, particularly in AI and quantum computing. Proposals also include enhancing local procurement for strategic technologies and maintaining steadfast climate goals, despite external pressures to relax green regulations.

(With inputs from agencies.)