(Bloomberg) -- The European Union’s executive arm plans to present next month the outlines of a plan for how to boost the bloc’s competitiveness with the US and China as it pursues an ambitious clean-tech overhaul.
The European Commission, which started a new five-year term on Sunday, wants to unveil the so-called Competitiveness Compact initiative on Jan. 15, according to an EU document seen by Bloomberg. It will offer more details on proposals for how the 27-nations region could increase its security and cut dependencies, following up on a report that former European Central Bank President Mario Draghi published in September.
In the next step, the commission will aim to issue a more detailed plan for keeping its industries competitive during the push for climate neutrality by the middle of the century. The publication of the Clean Industrial Deal is foreseen for Feb. 26, according to the document.
Commission President Ursula von der Leyen, who remains at the helm of the EU’s executive arm for a second term, has said the initiative will focus on supporting and creating the right conditions for companies to reach the bloc’s green goals. It will involve actions to simplify the rules, boost investment and ensure access to cheap, sustainable and secure energy supplies and raw materials.
Strengthening EU industries during the green transition has risen to the top of the European political agenda after a backlash triggered in part by an unprecedented energy crisis that pushed power and gas prices to records two years ago. The commission plans to propose an ambitious interim goal to accelerate emission cuts to 90% by 2040 from 1990 levels, compared with a target to reduce them by 55% by the end of this decade.
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