Deal for an industrial renaissance in Europe

Today, negotiators from the European Parliament and Member States reached an agreement on the European Net-Zero Industry Act, a new law to increase the European production of the 'net-zero technologies' needed to reach the EU's climate ambitions.
 
"On the same day that the Commission announces an emissions reduction target for 2040, it is crucial that we have a credible framework for our industry to deliver on this. Therefore, today's agreement is extremely timely. The Net-Zero Industry Act adds a deal to the Green Deal. It signals that we take the regulatory burden on our industry seriously and want to see an industrial renaissance in Europe," says Christian Ehler MEP, the European Parliament's lead negotiator on the EU’s Net-Zero Industry Act.
 
"This agreement sets the tone for what needs to be done in the next legislative term. I am particularly pleased that we have been able to convince Member States that we need to radically change permitting in Europe. We must and we can move faster, this is now agreed upon. A particularly useful tool will be the new Net-Zero Acceleration Valleys, designated areas where Member States commit to accelerate the development of industrial activity by sharing the burden of environmental impact assessments and facilitating investment. This will significantly reduce the burden on industry," said Ehler, who is also the EPP Group spokesman on industry, research and energy.
 
Today's informal agreement still needs to be formally approved by EU Member States and the European Parliament, which is expected to happen before the end of this parliamentary term.