EU states and lawmakers clinched a deal on Tuesday to expand Europe’s clean tech production, from solar and wind to carbon capture, as the bloc faces off with China and the US.
Brussels wants to reduce its reliance on China and make Europe more attractive for investment after the US unleashed a US$369 billion bonanza of clean technology subsidies last year.
The EU announced the plans last year, spurred by concerns the US program, which includes tax credits, would lure European manufacturers away.
Photo: Reuters
Belgium, which holds the rotating EU presidency, announced that negotiators had reached a provisional agreement. The European Commission wants at least 40 percent of green tech used in the EU to be produced in the bloc by 2030.
The law lists “strategic” technologies including nuclear energy as well as renewable energies like solar and wind.
The 40 percent target features in plans for a Net-Zero Industry Act to support the EU’s bid to become a carbon-neutral economy by 2050.
Under the law, public tenders would be weighed on criteria that could favor European companies, to counter similar moves by Beijing and Washington. The draft also seeks to make sure businesses can obtain permits faster. It is to enter into force after formal approval by EU states and the parliament.
“The most important thing is just to bring investment back to Europe and create a level playing field,” Solar First Inc’s European business chief Anja Lange said.
Access to clean tech — and avoiding an overreliance on imported technology — is a major source of concern in Europe, and many fear the draft law alone might not be enough to change the equation.
China dominates the solar power industry, and Europe’s solar panel manufacturers have made repeated pleas for help from Brussels, accusing Beijing of not playing fairly.
Last year, the EU opened a probe into Chinese electric car subsidies, and there are hopes among some in the industry that it will launch another investigation into Chinese solar panels.
However, European Commissioner for Financial Services Mairead McGuinness tamped down any such hopes on Monday, saying the bloc must carefully consider the impact of its actions.
“Any potential measure needs to be weighed against the objectives we have set ourselves when it comes to the energy transition,” she told lawmakers in Strasbourg.
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