The European Union is aiming to keep pace with the United States and China in terms of climate technologies.
The Net-Zero Industry Act (NZIA) is a response to the U.S. government's Inflation Reduction Act, which offers subsidies for green industry and climate-friendly purchases, and China's domination of the export market.
Reuters cited the European Commission, which said China "provides over 90% of the EU's photovoltaic wafers and accounts for 90% of global investment in clean tech manufacturing."
To shift the balance in favor of EU nations, the NZIA is attempting to ensure that 40% of the union's clean tech products are produced by member states, while Europe also hopes to be the first climate-neutral continent by 2050.
Meanwhile, the goal is to achieve more than 55 million tons of carbon storage by the end of the decade.
The NZIA focuses on equipment needed for notable climate-friendly technologies, including solar, wind, batteries, and heat pumps.
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The U.S., in particular, is focusing increasingly on the development and recycling of battery technology, with facilities opening in many southern states.
As Reuters observed, in terms of improving the EU's solar output, "Hitting the target will be particularly tough," as the union currently provides less than 3% of panel deployments, and its manufacturers are struggling within the market.
But the continent's output of wind power is particularly strong, with projects off the coasts of Norway and the Netherlands notable contributors to the production of clean energy.
While no additional funding has been made available as part of the NZIA, it is speeding up the permitting process for green projects while also creating single points of contact within member states for the purposes of clean technology access to help decrease imports.
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Furthermore, money already available from the European Investment Bank and the post-COVID-19 recovery fund, along with guarantees from InvestEU programs, will be coordinated.
"The Commission will also give EU countries greater leeway to support the roll-out of manufacturing projects," Reuters added.
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