EU wants faster deployment of green and digital plans: report

The EU plans to boost cross-border initiatives in areas such as hydrogen, sustainable transport, 5G corridors and blockchain.

Europe is seeking a faster deployment of innovative projects in several countries that will help the region fight climate change and accelerate digital transformation.

The regulatory arm of the European Union is considering tools to boost cross-border initiatives in areas such as hydrogen, sustainable transport, 5G corridors and blockchain, according to a draft industrial strategy seen by Bloomberg News. Plans to join forces under the EU’s economic stimulus package have already been signaled by a number of member states, the European Commission said in the document, due for release on Wednesday.

“The Commission is evaluating options for an effective mechanism to speed up the implementation of these multi-country projects, including allowing for a possible combination of Member States and EU funding,” he said. “The application of competition rules, in particular state aid rules, will ensure that public funds intended for the recovery do not replace but trigger additional private investment.”

The EU has made green and digital the two pillars of its recovery plan, aimed at strengthening its leadership in the global fight against climate change, stimulating innovation and reducing dependence on imports of critical materials.

The bloc can help speed up large cross-border projects by simplifying authorization procedures, aiding research and helping to stimulate private investment. As part of its flagship multi-country battery project, more than a dozen countries have been given the green light to give at least 6.1 billion euros ($ 7.35 billion) in public aid to businesses from Tesla Inc. to Bayerische Motoren Werke AG.

The draft 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 carbon frontier adjustment mechanism.
  • Proposal on the European approach to carbon contracts for the difference as part of a planned review of the EU emissions trading system.
  • Measures to support the adoption of renewable energy purchase agreements by companies.

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