The European Commission introduced the Net-Zero Industry Act (NZIA) on March 16, 2023, to bolster Europe’s manufacturing of net-zero technologies. This initiative aims to overcome obstacles to expanding manufacturing capacity in Europe, enhancing the competitiveness of the net-zero technology sector and the EU’s energy resilience. It underscores Europe’s dedication to leading the net-zero technology transition and achieving the Fit-for-55 and REPowerEU goals.

The NZIA, part of the Green Deal Industrial Plan, promotes investment in crucial climate-neutral products. It aims to build a competitive and resilient EU net-zero technology base, forming the backbone of a sustainable clean energy system. By accelerating the development and production of these technologies, the Act seeks to reduce reliance on Russian fossil fuels and other strategic dependencies that could hinder access to key green transition technologies.

The Act covers essential products for net-zero technology manufacturing, distinguishing between general and strategic net-zero technologies, with the latter receiving additional benefits. It sets a 2030 benchmark for manufacturing capacity to meet at least 40% of the EU’s annual deployment needs and targets 50 million tonnes of annual CO2 storage capacity.

NZIA facilitates investment in net-zero projects by streamlining administrative processes, ensuring market access, and supporting innovation. It enhances workforce skills through dedicated training programs in Net-Zero Academies, aiming to train 100,000 learners within three years.

The Net-Zero Europe Platform fosters discussions and exchanges among stakeholders, advising on financing and promoting global adoption of net-zero technologies. The NZIA accelerates the transition to climate neutrality, reduces dependency on imports, and ensures resilient supply chains for Europe’s clean energy needs.

President von der Leyen’s European Green Deal Industrial Plan, announced in January 2023, includes the NZIA and the Critical Raw Materials Act, ensuring access to vital materials and reforming electricity market design to benefit consumers with lower renewable energy costs.

Read the original news article here.