EU approves net-zero industry act to enhance green tech

The European Council finalised the adoption of the “net-zero industry act” on Monday, aimed at enhancing Europe’s net-zero technology manufacturing ecosystem.

The regulation’s primary goal is to accelerate the industrial deployment of net-zero technologies critical for the EU’s climate goals, leveraging the single market to strengthen Europe’s leadership in green technologies.

Key measures include streamlining permits for strategic projects, facilitating market access for green technology products, and enhancing workforce skills through net-zero industry academies.

The regulation sets benchmarks to achieve 40 per cent of the EU’s net-zero technology deployment needs and aims for a 15 per cent share of global production by 2040.

Additionally, it mandates an annual injection capacity of at least 50 million metric tons of CO2 in geological storage sites by 2030 within the EU.

This legislation positions Europe at the forefront of the global shift towards sustainable industrial practices, reducing dependencies, enhancing strategic autonomy, and fostering growth and job creation.