European Commission proposes €100 billion for EU-made clean tech

The European Commission has proposed a €100 billion fund to bolster EU-made clean manufacturing as part of its groundbreaking Clean Industrial Deal, announced on February 26. 

The initiative aims to support energy-intensive sectors grappling with soaring costs and excessive bureaucracy, as they compete with global counterparts for market dominance, Caliber.Az reports, referencing foreign media.

As outlined in the deal, which was previously reported by Reuters, the Commission intends to collaborate with the European Investment Bank to introduce guarantee schemes. These schemes will help reduce the financial burden of long-term renewable power contracts and provide support to grid manufacturers.

Additionally, the Commission has suggested establishing an EU Critical Raw Material Centre, aimed at pooling resources to collectively procure vital metals and minerals needed for the energy transition.

This plan is part of a broader strategy that also includes efforts to reduce administrative hurdles and carbon duties. The proposals are set to undergo approval by the European Parliament and require backing from a reinforced majority of EU member states.

By Aghakazim Guliyev