The European Commission has published the EU Competitiveness Compass, laying out the its strategy guiding the EU executive’s work for the coming five years.
It comes ahead of the anticipated Clean Industrial Deal, expected in February 2025.
All new legislation will be geared toward strengthening the EU competitiveness by ramping up productivity driven by innovation to make the EU “an economic powerhouse, an investment destination and a manufacturing centre”.
Furthermore, the Commission has reaffirmed its intention of phasing out Russia oil and gas with a roadmap now expected by end of March 2025.
Electricity will also play a key role in boosting Europe’s industrial competitiveness by ensuring clean and affordable power.
This issue will be tackled upfront by the upcoming Affordable Energy Action Plan also expected by 26 February.
The European Commission will set out a 2040 climate target
Walburga Hemetsberger, chief executive of SolarPower Europe, said: “The European Commission’s commitment to competitiveness begins in earnest with this new publication.
“The Competitiveness Compass points to the right problem: our structural fossil fuel dependency. It also points to the right solutions: more renewables, faster electrification, and stronger system flexibility.”
Eurelectric’s policy director Cillian O’Donoghue, said: “Eurelectric welcomes the Competitiveness Compass calls for deeper market integration, incentives for long-term contracts and the implementation of the Grid Action Plan.
“These measures all play to Europe’s strengths and will aid our global competitiveness.”