How Europe Can Regain Its Role As A Clean Energy Leader | OilPrice.com

- Feb 07, 2023, 3:00 PM CST

In the battery and electric vehicle sector, which is the most contentious point between the EU and US, Rystad Energy believes that reducing administrative delays for battery supply chain projects may not be enough, and the EU could need to push forward all pillars in parallel. Although Europe has an existing and growing market base, the likelihood that the US increase its presence in the market has never been higher.

The GDIP consists of four pillars. The first aims to facilitate a conducive regulatory environment that enables fast upscaling of crucial clean tech sectors, including via the Net Zero Industry Act and the Critical Raw Materials Act. The Net Zero Industry Act will stipulate 2030 targets for the EU’s clean tech industry, focusing on supply chain investments and regulatory simplification to speed up slow permitting processes for industries such as renewables and energy storage.

Fundamentally, the four pillars are geared towards accelerating the deployment of three key energy transition industries: renewables, batteries and hydrogen. Renewables sit at the crux of decarbonization – however, without batteries, bringing the power and transport sectors to net zero will be impossible. In addition, for Europe’s large hard-to-abate sectors, such as steel and shipping, hydrogen will be the fulcrum that enables decarbonization.

To address regulatory bottlenecks and supply chain challenges, which for years have remained the largest hold-up to renewables development in Europe, the EU proposed the Net Zero Industry Act.

Despite the restrictions of the Inflation Reduction Act to receive tax credits, the untapped potential for the country’s EV market is a major reason for its attractiveness. Over the last five years, the US market alone has sold more passenger vehicles than the EU. Further, the EU market had an EV share of 21% in 2022, while the US had a market share of 6.5%. We expect this will push automakers to comply with these restrictions, cementing the supply chain firmly in North America.

Source: News Formal (newsformal.com)

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