| Author (Corporate) | Council of the European Union, European Parliament |
|---|---|
| Series Title | Official Journal of the European Union |
| Series Details | (L) 2024/1735 |
| Publication Date | 28/06/2024 |
| Content Type | Blog & Commentary, Legislation, News, Policy-making |
Summary:Regulation (EU) 2024/1735 - adopted by the co-legislators on 13 June 2024 - setting out a framework aimed at strengthening the European Union's (EU) net-zero technology manufacturing ecosystem. It introduces amendments to Regulation (EU) 2018/1724. It is also known as the Net Zero Industry Act (NZIA). This is a text with EEA relevance. Further information:The transition to a climate neutral, clean economy and the corresponding overhaul of the energy system present opportunities in terms of developing the net-zero technology sectors and creating quality jobs and growth. Partners and competitors of the European Union have grasped this opportunity and have started deploying measures to secure significant parts of this new market. These developments have also been driven by security of supply considerations. In this context, the European Commission's Green Deal Industrial Plan presented a strategy for enhancing the competitiveness of the EU's net-zero industry and supporting the fast transition to climate neutrality. The plan is articulated around four main pillars: a predictable and simplified regulatory environment, faster access to funding, enhancing skills and open trade for resilient supply chains. The general objective of this Regulation is to improve the functioning of the internal market by establishing a framework in order to ensure the EU's access to a secure and sustainable supply of net-zero technologies, including by scaling up the manufacturing capacity of net-zero technologies and their supply chains to safeguard their resilience while contributing to achieving the EU's climate targets and climate neutrality objective. Measures seek to lower the risk of supply disruptions related to net-zero technologies likely to distort competition and fragment the internal market, establish an EU market for CO2 storage services, encourage demand for sustainable and resilient net-zero technologies, enhance skills, support innovation, and improve the EU's ability to monitor and mitigate supply risks related to net-zero technologies. The draft law was adopted on 16 March 2023 to deliver on part of the actions set out in Green Deal Industrial Plan. The plenary of the European Parliament endorsed a negotiating position for this proposal on 21 November. The Council of the European Union adopted its general approach to it on 7 December. An informal agreement between the co-legislators on a compromise text for this file was reached on 6 February 2024. This was formally endorsed by Parliament on 25 April and by the Council on 27 May. The Act was signed by the co-legislators on 13 June 2024 and published in the Official Journal on 28 June 2024. |
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| Source Link | Link to Main Source http://data.europa.eu/eli/reg/2024/1735/oj |
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| Subject Categories | Business and Industry, Energy, Environment, Internal Markets |
| Subject Tags | Climate Change, Industrial Policy, Manufacturing, Renewable Energy, Sustainable Development |
| International Organisations | European Union [EU] |
