EU Clean Deal to Boost Industry in Race Against US and China

The European Union unveiled a plan that preserves its ambitious climate goals while trying to improve industrial competitiveness in the face of increasing rivalry from the US and China.

- Bloomberg

The European Commission, which has repeatedly vowed to stay the course on its goal to zero-out emissions by the middle of the century, is offering support to industries that face persistently high energy costs and investment barriers.

It also outlined a set of tools to reduce power bills, including measures to accelerate the roll-out of renewables.

In the coming weeks, the commission is expected to propose a draft law setting an intermediate target to reduce greenhouse gases by 90% by 2040 after floating the objective last year.