In just a few years, the face of the European Union has significantly changed. Its ambitious climate reforms, also known as the European Green Deal, have made Europe the most decarbonized economy in the world. Europe has the largest share of solar and wind power in its electricity supply, the greatest number of electric cars relative to its population, and is the world leader in the deployment of heat pumps. And that's just the beginning.
By speeding up the development of renewable energies and encouraging energy savings, the Green Deal could enable the Union to cut its gas consumption by a third by 2030, representing considerable savings. Much more than just a plan to fight against the climate crisis, the Green Deal is a strategic and structural choice for Europe. The net-zero transition is the only way to free ourselves from fossil fuels and the volatility of their prices, which heavily affect both our economies and our citizens.
We must keep going. There has been a lot of talk recently about the need for a “pause” of the European Green Deal, which is considered by some to be too costly and difficult to implement. However, slowing down would be highly detrimental to Europe's future. The global race to net-zero is in full swing and the lead that Europe has achieved in some areas is far from secure.
The United States is catching up with colossal investments. China has a strong hold on many industries and is positioning itself as the global factory for the net-zero transition. Any slowdown or halt would inevitably lead to a European "Made in China" or "Made in the USA" transition.
It is therefore the right moment to consider and prepare the next stages of the Green Deal, specifically the industrial stages. The European Union should seize the opportunity to generate tens of thousands of jobs, re-industrialise its economies and establish strong positions in net-zero technologies of tomorrow. European leaders can build on initial steps taken by the President of the European Commission, Ursula von der Leyen who put forward targets for the production of zero-carbon technologies on European ground under the Net Zero Industry Act (NZIA).
In order to achieve this, we need to invest more than we have done so far. According to the Commission, at least €92 billion will be needed between now and 2030 to build a strong industrial base. Apart from Germany and France, however, few countries have the financial resources to attract green factories. The idea of a new European strategic investment plan is gaining ground and should be explored further.
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