EU to unveil plans for leadership in green industrial revolution

Workers are seen at the production line of lithium-ion batteries for electric vehicles (EV) at a factory in Huzhou, Zhejiang province, China on August 28, 2018. [Stringer/Reuters]

The European Commission on Thursday will present the centrepieces of its strategy to ensure its industry can compete with the United States and China in making clean tech products and accessing raw materials required for the green transition.

The EU executive's Net-Zero Industry Act and Critical Raw Materials Act, part of its Green Deal Industrial Plan, are designed to ensure the bloc is not just a frontrunner in cutting carbon emissions, but also ahead on the technology required to do so. There are signs it is lagging.

Global investment in the green transition is set to triple by 2030 from $1 trillion last year, Commission President Ursula von der Leyen told the European Parliament on Wednesday

"The race is on," she said.

The EU will set a target of producing at least 40% of the clean tech products it needs by 2030, partly by streamlining the granting...

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