The European Commission (EC) set out plans to make €100 billion available to support eco-friendly manufacturing of technology, as part of its Clean Industrial Deal (CID) which aims to cut red tape and fuel growth within European companies.
In a statement, EC explained the €100 billion fund would be in addition to adopting a new state aid framework to accelerate the roll out of renewable energy, decarbonise industries and ensure sufficient manufacturing capacity of clean tech.
Other aims of the deal revolve around strengthening an innovation fund and creation of an industrial decarbonisation bank.
EC said it will also launch a dedicated call under its Horizon Europe initiative to stimulate research and innovation in these areas and amend regulation to ensure investments are supported.
Around €50 billion of the total funding will be used for the deployment of clean tech, clean mobility and waste reduction.
CID is an EC-led effort to help the region compete with other global powers, specifically supporting energy-intensive industries battling with high costs.
EC president Ursula von der Leyen noted demand for clean products has slowed down and some investments had moved to other regions.
“The Clean Industrial Deal is to cut the ties that still hold our companies back and make a clear business case for Europe,” she added.
GSMA backing
Industry association the GSMA welcomed the proposal in a separate statement, highlighting the fact the mobile industry has been long committed to achieving net zero emissions by 2050 and operators have adopted climate targets and promoted sustainability.
“The CID’s focus on the need for circularity and sustainable resource use aligns with the GSMA’s commitment to reducing environmental impact within the telecoms sector,” it said.
The GSMA recommended a number of measures to ensure CID succeeds, including: focus on promoting competitiveness; green investments; streamlining sustainability reporting; incentivising circular economy principles and supporting energy efficient digital infrastructure.