Eu to prepare law to help its green industry, back it with cash

The European Union will prepare a law to make life easier for its green assiduity and back it up with state aid and a European Sovereignty Fund to keep enterprises from moving to the United States, the head of the European Commission said on Tuesday.

Ursula von der Leyen said in a speech the moves would be part of the EU’s Green Deal artificial plan to make Europe the home of clean technology and artificial invention on the road to net- zero CO2 emigrations by 2050.

“ To help make this be, we will put forward a new Net- Zero Industry Act, ” she said. “ The end will be to concentrate investment on strategic systems along the entire force chain. We’ll especially look at how to simplify and gormandize- track permitting for new clean tech product spots, ” she said.

The EU is concerned that European companies will move to the United States, which has a$ 369 billion scheme to subventions green product. The EU will thus give plutocrat for its assiduity as well, von der Leyen said.

“ To keep European assiduity seductive, there’s a need to be competitive with the offers and impulses that are presently available outside the EU, ” she said.

“ This is why we will propose to temporarily acclimatize our state aid rules to speed- up and simplify. Easier computations. Simpler procedures. Accelerated blessings. For illustration, with simple duty- break models. And with targeted aid for product installations in strategic clean tech value chains, to fight relocation pitfalls from foreign subventions, ” she said.

But she noted that, because not all countries in the 27- nation EU have the same capacity to support their companies, using state aid alone could affect in illegal competition, “ fragmentation ” that would damage the EU single request.

“ To avoid a riving effect on the single request and to support the clean tech transition across the total Union we must also step up EU backing. For the medium term, we will prepare a European Sovereignty Fund as part of themed-term review of our budget latterly this time, ” von der Leyen said.

She didn’t give any details of the fund, an idea she first raised in September, which doesn’t yet have the support of all EU governments, specially Germany.

“ As this will take some time, we will look at a bridging result to give fast and targeted support where it’s utmost demanded, ” von der Leyen said, again without any details.

She said the Commission was now working on what the requirements of the green assiduity were.