EU Adopts Net Zero Industry Act to Scale up Decarbonization Technologies

The European Council has approved the Net-Zero Industry Act (NZIA), a new law that introduces a framework of measures aimed at scaling up Europe’s manufacturing capacity for technologies key to achieving the EU’s climate goals. This announcement marks the final step in the adoption of the NZIA, following the European Parliament’s approval in April. The NZIA was initially proposed by the European Commission in March 2023 as part of its Green Deal Industrial Plan to enhance the competitiveness of Europe’s net zero industries and support the EU’s transition to climate neutrality. The NZIA sets benchmarks for the EU to produce at least 40% of its annual deployment needs for key clean technologies like solar, wind, batteries, and heat pumps by 2030, and to capture 15% of the global market value for these technologies by 2040. It includes measures to streamline permitting, introduce sustainability criteria in procurement, establish “Net-Zero Industry Academies” to develop a skilled workforce, and create regulatory sandboxes and industrial clusters to support innovation and manufacturing. European leaders see the NZIA as critical to ensuring the EU can compete in the rapidly emerging global market for net zero technologies, especially in the wake of major initiatives like the U.S. Inflation Reduction Act. Resources: https://www.esgtoday.com/eu-adopts-net-zero-industry-act-to-scale-up-decarbonization-technologies/