The European Parliament has recently passed the net zero industry act, which aims to increase the production of essential technologies for climate change mitigation in Europe. The regulation is intended to speed up the licensing process for strategic technologies by allowing project approval in just six to nine months.

The EU Commission initially presented a proposal in March that aimed to produce 40 percent of all relevant technologies related to climate change within Europe. However, this was later expanded upon by the Parliament, which added nuclear fission and fusion, sustainable aviation fuels, and certain industrial technologies such as biomaterial production technologies essential for Finland to the list of strategic technologies.

The eight technologies listed as “strategic net zero technology” include sectors such as solar electricity, wind power, battery and storage technologies, heat pumps and geothermal technologies, electrolysers and fuel cells, sustainable biogas and biomethane technologies, carbon dioxide capture and network technologies.

The net zero industry act is seen as a significant development that will benefit European companies by providing them with a global market share of 25 percent in key climate change mitigation technologies. This will undoubtedly help drive innovation and growth in this sector while also contributing to efforts to combat climate change on a global scale.

Overall, the European Parliament’s support for the net zero industry act is an important milestone in strengthening Europe’s role in climate change mitigation efforts. It represents a commitment to investing in clean energy and technology while also promoting free trade within the EU.