Reviving Europe's Industrial Backbone: The Clean Industrial Deal

The European Commission's upcoming Clean Industrial Deal aims to support struggling EU industries through measures such as de-risking power purchase agreements, simplifying state aid rules, and promoting clean-tech. With a focus on tackling high energy costs and global competition, this initiative seeks to reverse Europe's industrial decline.

The European Commission is poised to unveil a comprehensive set of measures next week, designed to bolster EU industries facing significant challenges. According to a draft of the Clean Industrial Deal, these measures aim to de-risk power purchase deals and streamline state aid regulations.

Commission President Ursula von der Leyen, focused on reversing Europe's industrial downturn, has championed this initiative. In January, she announced a Competitiveness Compass outlining the Commission's objectives, highlighting the Clean Industrial Deal as a key component to support energy-intensive industries grappling with 'high energy costs, unfair global competition, and complex regulations.'

Key proposals include an Action Plan for Affordable Energy and partnerships with the European Investment Bank to support small and midcap companies. Additional efforts target grid manufacturing enhancements and regulatory simplifications, with a strategic focus on fostering the clean-tech sector and achieving climate targets.

(With inputs from agencies.)