The European Commission provided further details of the Net-Zero Industry Act and the Critical Raw Materials Act, which are part of the EU’s package to respond to the United States Inflation Reduction Act (IRA). Their intent is to identify strategic projects for net-zero technologies and critical raw materials, which can benefit from streamlined permitting procedures and eased state aid rules, to accelerate the green transition and be able to compete with global players. The commission also outlined a Single Market communication and a long-term competitiveness strategy to respond to concerns raised about the risks of relaxing state aid rules.
In this webinar, experts from Global Counsel’s Brussels office analysed how these announcements intersect with each other and the implications for businesses. The discussion addressed the following questions, among others:
- What does the EU’s new industrial policy approach mean for the bloc’s ability to compete with third countries’ green subsidy schemes (i.e., the US and China) and the level-playing field within the Single Market?
- What does the EU’s marked shift in boosting domestic production and manufacturing of key net-zero technologies and raw materials mean for its trade policy? Will re-shoring become the norm or remain the exception?
- How do the Net-Zero Industry Act and the Critical Raw Materials Act balance sustainability concerns with the imperative of supply security and EU competitiveness globally?
- What sticking points do we expect to emerge during the legislative process, both within and between EU institutions?