The funding is part of the Clean Industrial Deal.
BRUSSELS — The European Commission today announced €100 billion in short-term relief to supercharge climate-friendly manufacturing in the EU.
The funding is part of the EU executive’s Clean Industrial Deal, its master plan to help traditional industries cut carbon emissions and boost the EU’s emerging clean-technology sector amid fierce competition from China and the United States.
The Commission faces financing constraints as the bloc is only just starting to negotiate its new long-term budget. But it promises to « mobilize over €100 billion » for « EU-made clean manufacturing » in the short term.
The funding effort announced Wednesday centers on an « Industrial Decarbonization Bank » and is scraped together from several places. The initiative will pull funds from the EU’s existing Innovation Fund and a revision of the InvestEU program. It will also source revenue from the bloc’s carbon market, according to the Commission’s proposal.
The Clean Industrial Deal also encompasses measures to boost investment, lower energy prices and increase demand for clean manufacturing.
Other initiatives include new made-in-EU criteria for climate-friendly materials bought by governments and other public authorities, joint purchasing of critical raw materials, and voluntary carbon labeling for industrial products.
