European Parliament unravels net-zero industrial policy
London, 23 November 2023, (Oilandgaspress) – The European Parliament voted on a Net Zero Industry Act (NZIA) that supports the interests of a long list of industries rather than prioritising climate front-runners. Civil society laments that reduced environmental standards and an expanded list of strategic technologies, with controversial additions, will ultimately undermine the effectiveness of the law.
The European Commission tabled the NZIA as tool to support domestic manufacturing of green technologies helping the EU meet its 2030 climate targets. The position approved today by the European Parliament not only does not account for such goals, but also raises several concerns about stretching NZIA resources, disregarding public participation, and attacking biodiversity and nature.
Parliament’s proposal to include expensive experiments, such as Carbon Capture and Storage (CCS) or nuclear power, in the list of strategic technologies deviate EU resources and efforts from readily available and proven solutions to costly distractions.
Specifically, an overemphasis on CCS as a panacea for all industrial emissions is misguided. Given its cost, unproven results, and extended deployment timeline, it should only be considered for emissions that cannot be directly avoided. Similarly, the inclusion of nuclear energy and small modular reactors, as costly and unproven solutions, threatens to waste taxpayer money without offering strategic support to EU industry. In essence, if everything is deemed important, nothing truly is.
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