EUROPE’S chemicals industry trade body, Cefic, has called for the EU to use its rescue funding to help the sector become more sustainable.
The EU’s €750bn (US$887bn) Next Generation EU (NGEU) recovery plan is part of a €1,8bn package agreed by EU leaders which aims to help rebuild the EU after the Covid-19 pandemic and to support investment in ‘green’ and digital transformations.
René Van Sloten, Executive Director of Industrial Policy at Cefic, said: “Crucial decisions are currently being made across European capitals to steer the recovery plans towards a more resilient Europe. To enable a low-carbon transition of our industry, which is vital to so many sectors, we call for strategic investments in circular economy, renewable energy and clean hydrogen, along with green infrastructure and transport.”
Furthermore, Cefic stated that the chemical industry will enable European society to transform while transforming its own products. The chemical industry should therefore focus on facilitating transformation while maintaining European production capacity and ensuring industrial competitiveness.
Commenting on recovery plans, Cefic stressed that economic recovery should be accompanied by implementation and extension of the EU Industrial Strategy and embedding it “firmly” in the Green Deal agenda. The EU’s Industrial Strategy aims to ensure that Europe leads industry’s transition towards climate neutralityThe European Green Deal is the EU’s plan to make its economy sustainable.
The NGEU portion of the agreed package will enable the European Commission to borrow up to €750 on markets, comprised of €390bn in grants and €360bn in loans. The majority will be used as a recovery and resilience facility (€672.5bn) to support the countries and sectors most affected by the crisis. The total facility amount comprisrs €360bn in loans and €312.5bn in grants.
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