European Commission President Ursula von der Leyen said on Wednesday that The European Union (EU) aims to produce 40 percent of its own clean technologies by 2030.
Von der Leyen told the European Parliament in Strasbourg, “The global market for net-zero technologies is set to triple by 2030. In other words: the race is on. We must get our act together if we want to stay frontrunners. This is what the Green Deal Industrial Plan is all about.”
The Net-Zero Industry Act and the Critical Raw Materials Act, two cornerstones of the Green Deal Industrial Plan, will be proposed this week by the European Commission.
The target of producing 40 percent of EU’s clean tech by 2030 comes under the Net-Zero Industry Act, which aims to speed up and simplify processes for industry, as well as providing funding.
Under the Critical Raw Materials Act, more ores and minerals will be extracted in Europe. The EU wants to boost its processing capacity to at least 40 percent of its annual consumption, and recycle critical materials such as lithium, cobalt and nickel from batteries.
The EU plans to propose raising its target of spending 3% of its gross domestic product (GDP) on research and development by 2030 in order to remain competitive. In addition, the EU aims to reduce reporting requirements by 25% in order to cut down on red tape and improve competitiveness. These proposals will be put forward by the autumn of 2023.