The European Union, and Germany in particular as its largest economy, is being called upon to rethink its industrial strategy as a result of the energy crisis and the industrial policies of leading economies. Although it has been possible to respond to the crisis with immediate measures and billions in support, the foreseeable increase in energy costs in the medium term is calling into question the sustainable competitiveness of industry and thus jeopardizing social prosperity. Europe would be well advised to rely on the sustainable locational advantage of low-emission industrial production in the economic competition of the future in an increasingly fragmented global economy, instead of risking deindustrialization.
To this end, EPICO, in close cooperation with its Advisory Board, has developed an energy and climate policy industrial agenda with 10 points for the Turn of the Century:
- Secure European technology leadership for transformation and future technologies, avoid subsidy spirals.
- Accelerate the expansion of renewables and associated networks to reduce energy prices and strengthen security of supply.
- In the current crisis, limit market intervention in energy prices.
- Build on the successes of the EU internal market instead of rolling them back.
- Drive forward digitization of the energy system to leverage flexibility potential.
- Pragmatically accelerate hydrogen ramp-up.
- Increase competitiveness through European hydrogen union.
- Use CO2 capture and storage for industrial transformation.
- Establish climate clubs, promote decarbonization and international cooperation.
- Use transformation funds to mobilize private capital.
Download our industry agenda for the turn of the century here.
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