“The regulation aims to driving the industrial deployment of net zero emissions technologieswhich are needed for achieving EU climate goalsby harnessing the power of the single market to strengthen Europe's position as a leader in the field green industrial technologies“- we read in the announcement.
Land for green investments
The purpose of regulation is preparing conditions for investment in green technologies by:
– simplifying the process of issuing permits for strategic projects
– facilitating market access for strategic technological products (in particular in the field of public procurement or renewable energy auctions)
– upskilling the European workforce in these sectors (i.e. through net-zero industry academies and highly concentrated industrial areas or 'valleys')
– creation of a platform to coordinate EU activities in this area
It was proposed to create a favorable regulatory framework for the development, testing and validation of innovative technologies (so-called “regulatory sandbox”) to support new technologies.
EU industry – the future leader of green technologies
Progress towards achieving the targets of the Net Zero Industry Act will be measured against two indicative benchmarks. First, the production capacity of net zero technologies such as photovoltaic panels, wind turbines, batteries and heat pumpsreaching 40% of EU implementation needs.
Secondly, the specific purpose regarding increasing Union participation in these technologiesso as to reach 15% of global production by 2040.
In addition, the Net Zero Industry Act sets out annual CO2 injection capacity at least 50 million tons of CO2 by 2030. in geological storage sites located in the territory of the Union.
Zero-emission industry is the future
The regulation, once signed by the President of the European Parliament and the President of the Council, will be published in the Official Journal of the European Union and will enter into force on the day of its publication.
Net Zero Industry Act is one of the basic legislative initiatives of the plan industrial Green Deal – together with the Act on Critical Raw Materials and reform of the electricity market structure – aimed at increasing the competitiveness of Europe's net-zero industry and supporting a rapid transition to climate neutrality.
(ISBnews)
