To tackle high energy prices, the European Commission will present plans to deepen market integration and promote long-term power purchase agreements. The EU intends to simplify regulations, benefiting mid-sized firms, and mitigate supply chain dependencies through joint purchases of critical raw materials. Despite these efforts, the EU faces significant investment challenges, needing up to €800 billion annually through 2030 to maintain competitiveness. The strategy will be detailed in upcoming proposals and legislation, with initiatives rolling out over the next two years.
Key takeaways:
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- The European Union plans to establish an advanced research project agency to invest in strategic technologies, aiming to boost competitiveness.
- The EU will propose building new supercomputing infrastructure for AI and introduce a competitiveness fund inspired by US models.
- Initiatives will focus on closing the innovation gap, transitioning to a climate-neutral economy, and addressing security challenges.
- The EU aims to simplify regulations, cut reporting obligations by 25%, and propose joint purchase platforms for critical raw materials.