Currently, many countries are trying to outpace each other in the race for renewable energy. The EU is also focused on boosting its competitiveness in this field. It has recently announced its Net-Zero Industry Act aimed at increasing the number of European companies working in green sectors of the economy.

According to Bloomberg, the European Commission intends to facilitate the production of green tech in the eurozone. To do so, it is ready to create favorable conditions. "The proposed regulation is a key part of the European Green Deal Industrial Plan – the bloc’s response to Washington’s massive green subsidies package. The proposal sets out targets for technologies deemed necessary to decarbonize the bloc’s economy, a move aimed at preventing the EU from deepening its reliance on third countries like China," the Act states. The EC also wants to simplify the regulatory frameworks and attract investment to green companies. Its key priority is the development of wind turbines, heat pumps, solar panels, etc.

The EC has vowed to achieve climate neutrality, including net-zero greenhouse gas emissions, by 2050. "The net-zero technology manufacturing capacity in the Union is sufficient to meet at least 40% of the Union's annual deployment needs," the document says. If it fails to reach these goals by 2030, the European Commission will propose "additional measures aimed at covering the identified gaps."

Europe is now a major importer of green tech from China. The share of Chinese products in the solar energy market exceeds 90%. The EC strives to reduce this dependence.