EU launches industrial policy to boost digital, green goals

The European Commission on Tuesday announced an industrial strategy aimed at boosting European companies' global competitiveness while achieving its goal to reduce the bloc's net greenhouse gas emissions to zero by 2050. The policy includes revamping the 27-country bloc's competition rules, fighting intellectual property theft and tackling Chinese state-aided companies competing in the European Union.

It lays out plans to decarbonize energy-intensive industries, boost sustainable and smart mobility industries, promote energy efficiency and strengthen the EU's current carbon leakage tools. The Commission also announced an action plan for critical raw materials and a new pharmaceuticals strategy to secure Europe's industrial and strategic autonomy, issues highlighted by the coronavirus outbreak.