In mid-March, the European Commission published a new draft law, the #NetZeroIndustryAct, which aims to increase the production of net-zero or zero-emission technologies in the European Union. The EU’s action is also a response to the Inflation Reduction Act, a groundbreaking piece of legislation in the U.S. that includes attractive support measures for the industry.
The new initiative covers technologies that will make a significant contribution to decarbonization, including solar energy, onshore and offshore wind energy, batteries, heat pumps and geothermal energy, hydrogen, biogas/biomethane, sustainable alternative fuel technologies, carbon dioxide capture, storage, and conversion (CCS), advanced technologies for generating energy from nuclear processes with minimal waste, small modular reactors, and others.
The proposed initiative must now be debated by the European Parliament and the Council of the European Union before it is adopted and enters into force.