The European Commission on Wednesday presented a set of measures to help energy-intensive industries cut emissions and boost clean tech production to bolster the EU’s flagging economy.

“Today, Europe is making a bold business case for decarbonisation as a driver of prosperity, growth, and resilience,” said European Commission Vice President Teresa Ribera.

“Our plan provides the stability and confidence investors need, unlocking capital, expanding clean tech markets, making energy more accessible, and ensuring a fair, competitive landscape where businesses can thrive,” she added.

The measures include an action plan for lower energy prices aimed at supporting the electrification of energy-intensive industries.

The demand for clean technologies produced in the European Union is to be increased through sustainability criteria in public and private procurement.

The commission hopes that the proposals will mobilise over €100 billion ($104.9 billion) to support climate-friendly manufacturing in the EU.

State aid, which usually falls under strict rules in the EU, is to be simplified for industrial decarbonisation.

European companies are to have the possibility to aggregate demand for critical raw materials to allow joint purchases at better prices and conditions from reliable suppliers.

The commission also announced it will present specific measures for the bloc’s struggling automotive industry next month and for the steel and metals sectors later this spring. 

(dpa/NAN)