Germany — In response to the influx of low-cost Chinese wind power goods into Europe, the European Union is stepping up measures to support domestic industry participants and maintain fair competition in the sector.
By 2030, the EU wants to raise the share of renewable energy in consumption to at least 42.5%. Industry associations caution against a reliance on Chinese substitutes, since European businesses are finding it difficult to meet the demands of this ambitious target.
The European Commission unveiled an urgent action plan on Tuesday to support the bloc's offshore wind industry in the face of mounting worries.
The commission will make funding more accessible through an EU fund that aids in the testing and commercialization of decarbonization technology in order to stimulate fresh investment in the sector. It would strengthen support given by the European Investment Bank and interact with foreign entities to encourage investments on the Continent.
The EU will collaborate with its member nations to expedite the permitting procedure for new investments, which has drawn criticism for being overly drawn out and driving up expenses for companies.
