Without exaggeration, we live in a crucial era in which Europe is making key decisions that will affect the direction of European industry for many decades to come. This is something we are very aware of in the European Parliament. It’s a big topic that is discussed at meetings and taken into account in voting. The stakes are high, and one mistake or a small slip can spell the fate of the united continent.
In the last decade, Europe is lagging behind perennial rivals such as the US and China in the global race. If we don’t step up a gear and keep up with them, we will lose sight of them completely. Europe is missing the boat on green technologies, which are nowadays considered the industry of the future and a fast track to global dominance. European Commissioner Thierry Breton supports this view, as he calculated that the electric cars, solar panels and hydrogen use markets will likely make up 600 billion EUR by the end of the decade.
That’s why Europe is doing its best to catch up fast with the other great powers. In mid-March, the EU presented its long-awaited strategy accompanied with a series of regulations. The goal is clear: by 2030, European industry should ensure 40% of the member states' needs in cleantech production, while helping the continent to become climate neutral. In the coming years, support will therefore be aimed at areas such as photovoltaics, wind turbines, electric batteries, heat pumps, geothermal devices, electrolysers, biogas or carbon dioxide capture and storage systems. Alternative fuels and to some extent nuclear power are also on the priority list.
The European Commission cannot grant tax breaks or introduce anti-inflation laws like the US, as this is something the individual EU member states decide about. At the European level, we can speed up the authorisation procedure, favour European projects when awarding public contracts and ease the conditions for providing state support, among other things. We can also greatly simplify the extraction of precious metals and minerals necessary for cleantech development. All this is taken into account.
Europe's response to the worldwide rapid development and other global players’ strategic decisions is surely the right thing to do, since European businesses cannot do without help and support. There have been many discussions within the EU institutions as to what price we will pay for this. Unfortunately, the highest possible price is also an option.
The global competition for more attractive and fatter subsidies for businesses can deprive us of the most valuable legacy of European integration: the common market and free trade. This is something we should never allow, because in that case we all lose out.
The common market must remain fair, guarantee a level playing field for all and be stable and legible. After all, that's what it's all about: Entrepreneurs want to do business, so let them do it.
Written by Martina Dlabajová
Photo credits: Shutterstock
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