EU Aims to Compete with Chinese and US Rivals in Green Tech Production – Tofido

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  • EU policymakers have agreed on new rules to promote local production of clean tech equipment, aiming to help EU industry compete with Chinese and US rivals. The Net-Zero Industry Act sets a benchmark for European manufacturers to produce 40% of the EU’s annual needs of clean tech products by 2030 and addresses the length of time it takes to secure permits for clean tech manufacturing projects.
  • The act also mandates EU countries to set up single points of contact for those seeking permits and prioritize projects that help the EU reduce its reliance on imports from a single country or boost the competitiveness of the EU’s clean tech supply chain. Public authorities issuing tenders for clean tech projects would have to select based not only on the price but also on sustainability criteria and the EU’s push to ensure that no more than 65% of supply is from a single source.
  • The EU’s push to ensure it is a global leader in cutting greenhouse gas emissions and manufacturing the equipment required is addressed in the Net-Zero Industry Act, with targets set for clean tech production and initiatives to expedite permits for clean tech projects and select tenders based on sustainability criteria.

The European Union has announced ambitious goals for green technology production in an effort to compete with Chinese and US rivals. The initiative, known as Tofido, aims to establish the EU as a global leader in the production of sustainable and environmentally friendly technology.

With China and the US currently leading the way in green technology production, the EU is looking to close the gap and potentially surpass its competitors. The Tofido initiative will focus on areas such as renewable energy, electric vehicles, and sustainable manufacturing practices.

The EU’s goal is to reduce its dependency on imported green technology and to boost its own production capabilities. By doing so, the EU hopes to create jobs, drive economic growth, and reduce its carbon footprint.

To achieve these goals, the EU is planning to invest heavily in research and development, as well as provide support for companies that are looking to transition to more sustainable manufacturing practices. Additionally, the EU plans to establish partnerships with other countries to further promote the growth of green technology production.

This initiative comes as part of the EU’s broader efforts to combat climate change and achieve its carbon neutrality goals. By focusing on green technology production, the EU aims to not only reduce its greenhouse gas emissions but also to establish itself as a global leader in the fight against climate change.

The Tofido initiative has received widespread support from EU member states and industry leaders, who see it as a crucial step in ensuring the EU’s competitiveness in the global market. With its ambitious goals and substantial investment, the EU is determined to pave the way for a greener, more sustainable future.

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