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EMEA

EU Council Adopts Net Zero Industry Act

The Council of the European Union has adopted a law aimed at turbocharging investment in clean technology. The Net Zero Industry Act, widely seen as a response to the US Inflation Reduction Act (IRA), offers a raft of incentives to a broad range of clean technologies, such as solar panels, wind turbines, batteries, heat pumps and carbon capture and storage. It supports those through simplified permitting, auctions and public procurement, programmes to boost workforce skills, and by creating a platform to coordinate action across the bloc. Through the act, the EU also aims to compete with the hundreds of billions of dollars of clean technology subsidies provided under US President Joe Biden’s IRA. The European Parliament has already approved the law, meaning no legislative hurdles remain for its implementation. “The Net Zero Industry Act is one of the foundation stones of a new industrial policy,” said Jo Brouns, Minister of Flanders for Economy, Innovation, Work, Social Economy and Agriculture. “This legal act will help Europe to lead the global race for green technologies and make sure that our contribution to the fight against climate change also reduces our dependencies, reinforces our strategic autonomy, and helps us to create growth and jobs in Europe.” In parallel, the council has also given its final green light on rules to track and reduce methane emissions in the energy sector, as part of the ‘Fit for 55’ package.

 

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