In areas such as hydrogen, renewable transportation, 5G corridors, and blockchain, the EU intends to boost cross-border initiatives.
Europe is aiming for a quicker roll-out of ambitious initiatives across multiple countries to aid the region’s battle against climate change and speed up the digital transition.
According to a draft industrial policy seen by Bloomberg News, the European Union’s regulatory arm is considering tools to boost cross-border projects in areas like hydrogen, renewable transportation, 5G corridors, and blockchain. A number of member states have already expressed interest in joining forces as part of the EU’s economic recovery package, according to the European Commission’s paper, which will be released on Wednesday.
“The Commission is evaluating options for an efficient mechanism to facilitate the introduction of such multi-country initiatives, including the possibility of combining Member State and EU financing,” the statement said. “Enforcing competition laws, especially state aid laws, would ensure that public funds for recovery do not substitute but rather stimulate additional private investment.”
Green and digital are the two pillars of the EU’s recovery strategy, which aims to improve the EU’s leadership in the global battle against climate change, promote creativity, and reduce reliance on essential materials imports.
By simplifying permitting processes, assisting science, and encouraging private investment, the bloc will help speed up large cross-border ventures. More than a dozen countries have been given the green light to offer at least 6.1 billion euros ($7.35 billion) in public aid to companies ranging from Tesla Inc. to Bayerische Motoren Werke AG as part of its flagship multi-country battery project.
The draft for the revised industrial strategy also envisages the following steps to accelerate the green shift in the coming months:
- Renewed strategy on sustainable finance and a draft law on sustainable corporate governance.
- Proposal to impose a carbon price on imports of emissions-intensive goods through the co-called Carbon Border Adjustment Mechanism.
- Proposal on European approach to Carbon Contracts for Difference as part of a planned revision of the EU Emissions Trading System.
- Measures to support the uptake of corporate renewable Power Purchase Agreements.