Europe to draft Net Zero Industry Act

Europe is to create a Net Zero Industry Act which will identify clear goals for European clean tech by 2030 in a bid to focus investment on strategic projects along the entire supply chain.

Speaking at Davos 2023, European Commission President Ursula von der Leyen, said the Net Zero Industry Act will go hand in hand with the Critical Raw Materials Act.

She said, “For rare earths, which are vital for manufacturing key technologies – like wind power generation, hydrogen storage or batteries – Europe is today 98% dependent on one country – China. Or take lithium. With just three countries accounting for more than 90% of the lithium production, the entire supply chain has become incredibly tight.

“This has pushed up prices and is threatening our competitiveness. So, we need to improve the refining, processing and recycling of raw materials here in Europe.”

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