The German industry is confident that the goal of achieving climate neutrality in Europe by 2050 is feasible. Influential lobby group Federation of German Industries BDI new head Siegfried Russwurm told the business daily Handelsblatt in an interview. "Claims that industry considers this goal unattainable are simply wrong. Other industry representatives he is in contact with all are in favour of tough climate targets that need technological innovations to be achieved. The focus the new US administration under President Joe Biden puts on climate action further shows that reducing emissions is not a European spleen.”
Mr Russwurm added that “There is a broad consensus and enormous economic potential behind low-carbon technologies. However, constantly announcing new targets by the EU would not be helpful, calling instead for detailed plans on how threatened European industries, for example steel production, could transition into a more climate friendly future without losing their competitiveness. "
Mr Russwurm said “Eternal financial support is no solution and neither is relocating production to countries where climate action isn't being taken as seriously yet. European companies would therefore need carbon leakage protection. The biggest energy transition challenge, however, would be to achieve a global scale-up of renewable energy installations, not least to produce the volumes of green hydrogen needed to decarbonise industry.”