In the coming days, EU leaders will make fundamental decisions for Europe's industrial future. European Steel Association EUROFER has warned that the future of European industry is at stake, threatened by an unresolved energy crisis, impacted by unilateral decarbonization costs and undermined by trading partners’ new regulatory frameworks to massively subsidize local investment with more predictable measures. Against the backdrop of the EU energy crisis and the US Inflation Reduction Act, the EU must urgently develop and implement an industrial policy mainstreaming industrial competitiveness in all policy fields and take decisive action to enable the green transition as well as to enhance the resilience of industry. This is a unique opportunity for the EU to remain a frontrunner in climate policy.”EUROFER Director General Mr Axel Eggert said “A strong industrial base should be a strategic priority for the EU. The US Inflation Reduction Act is a wake-up call. EU leaders urgently need to reconcile the European Green Deal with industrial competitiveness and resilience, starting with a transition-friendly ETS and a watertight CBAM, as well as enabling the ramp-up of green hydrogen.”Mr Eggert stressed “We urgently need a debate at EU level to assess the impact of the IRA on European industry, and formulate an adequate response to provide the necessary level playing field for companies to invest and continue creating value for our societies. All options should be considered, such as financial incentives and funding via joint borrowing, a new EU sovereignty fund, ambitious Carbon Contracts for Difference CCfDs at EU level, further relaxation of state aid to speed up access to resources, as well as additional legislation to spur green markets.”Mr Eggert concluded “The US has focused greatly on investment in clean technologies, from electric vehicles to wind mills, which have one thing in common: they are all part of the steel value chain. Green steel is at the centre of the new US industrial policy. We should do the same in the EU.”
In the coming days, EU leaders will make fundamental decisions for Europe's industrial future. European Steel Association EUROFER has warned that the future of European industry is at stake, threatened by an unresolved energy crisis, impacted by unilateral decarbonization costs and undermined by trading partners’ new regulatory frameworks to massively subsidize local investment with more predictable measures. Against the backdrop of the EU energy crisis and the US Inflation Reduction Act, the EU must urgently develop and implement an industrial policy mainstreaming industrial competitiveness in all policy fields and take decisive action to enable the green transition as well as to enhance the resilience of industry. This is a unique opportunity for the EU to remain a frontrunner in climate policy.”EUROFER Director General Mr Axel Eggert said “A strong industrial base should be a strategic priority for the EU. The US Inflation Reduction Act is a wake-up call. EU leaders urgently need to reconcile the European Green Deal with industrial competitiveness and resilience, starting with a transition-friendly ETS and a watertight CBAM, as well as enabling the ramp-up of green hydrogen.”Mr Eggert stressed “We urgently need a debate at EU level to assess the impact of the IRA on European industry, and formulate an adequate response to provide the necessary level playing field for companies to invest and continue creating value for our societies. All options should be considered, such as financial incentives and funding via joint borrowing, a new EU sovereignty fund, ambitious Carbon Contracts for Difference CCfDs at EU level, further relaxation of state aid to speed up access to resources, as well as additional legislation to spur green markets.”Mr Eggert concluded “The US has focused greatly on investment in clean technologies, from electric vehicles to wind mills, which have one thing in common: they are all part of the steel value chain. Green steel is at the centre of the new US industrial policy. We should do the same in the EU.”
