The Green Deal aims to ensure Europe is climate-neutral across the board by 2050. It mandates that existing European legislation be reviewed for compatibility with climate goals. It also proposes new policies on everything from the circular economy and building renovation to biodiversity and farming, foreseeing at least EUR 1 trillion in sustainable investments over the next decade.
“I think corks will have been popping in quite a few boardrooms,” says Esther Frey, head of Energy, Building & Environmental Technologies at GTAI. “Making the 2050 climate-neutrality target legally binding across the EU creates new certainty about the direction from now on – and that is good for businesses in cleantech. The target suggests that there will be big orders in the wind, solar and biofuels industries as well as emerging technologies like Power-to-X and green hydrogen.”
The Green Deal is extremely broad – energy is just one of its many topics – and Germany, as one of 27 member states, is only part of the picture. Nonetheless, Frey considers certain aspects of the Green Deal particularly relevant for Germany.
“The EU Commission has promised to revise state aid rules with a focus on industrial groupings like the new Clean Hydrogen Alliance,” she says, referring to an initiative to support the widespread deployment of hydrogen technologies by 2030 (see our story on pages 24-27). “European alliances like this have proved their worth in the past, for example in battery production.”
German Minister for Economic Affairs and Energy Peter Altmaier has also called for an overhaul of European merger and competition rules to allow European champions to compete on the world stage. Other member states have joined him and the EU Commission will make a proposal next year.