EU finalises net-zero industry act framework
June 28, 2024
Council adopts landmark regulation to strengthen Europe’s net-zero technology manufacturing ecosystem.
The Council has approved the net-zero industry act, establishing a comprehensive framework for bolstering Europe’s net-zero technology manufacturing ecosystem. This regulation marks the last step in the decision-making process and is a cornerstone of a new industrial policy aimed at achieving the EU’s climate goals.
The regulation is designed to boost the deployment of net-zero technologies by leveraging the single market to reinforce Europe’s leadership in industrial green technologies. This initiative is expected to reduce dependencies, enhance strategic autonomy, and stimulate growth and job creation within the EU.
Jo Brouns, Minister of Flanders for Economy, Innovation, Work, Social Economy, and Agriculture, commented: “The net-zero industry act is one of the foundation stones of a new industrial policy. This legal act will help Europe to lead the global race for green technologies and make sure that our contribution to the fight against climate change also reduces our dependencies, reinforces our strategic autonomy and helps us to create growth and jobs in Europe.”
The act also proposes regulatory frameworks to foster innovation by developing and testing new technologies in ‘regulatory sandboxes’. Progress will be measured by benchmarks such as achieving 40% of the EU’s net-zero technology deployment needs and increasing the EU’s global production share to 15% by 2040.
Increased reuse of office printer consumables and hardware has substantial benefits. It reduces e-waste and conserves natural resources, lowering the carbon footprint of production processes. Economically, it saves costs on new purchases and creates jobs in the refurbishment industry. Socially, it enhances corporate responsibility and sustainability efforts. Practically, it ensures a reliable supply of consumables and extends hardware lifespan, supporting smoother business operations.
The net-zero industry act aims to achieve an annual injection capacity of at least 50 million tonnes of CO2 in geological storage sites by 2030.
Following the Council’s approval, the regulation will be signed by the Presidents of the European Parliament and the Council, published in the Official Journal of the European Union, and will enter into force upon publication.
Categories : World Focus
