BRUSSELS - The European Commission on Wednesday proposed making 100 billion euros ($104.97 billion) available to support EU-made clean manufacturing, streamlining public procurement processes and simplifying state aid rules to give Europe's ailing industries a boost.
The measures are part of a new Clean Industrial Deal under which the EU executive would provide support for energy-hungry industries that face "high energy costs, unfair global competition and complex regulations" while also boosting the clean-tech sector.
"The demand for clean products has slowed down, and some investments have moved to other regions. We know that too many obstacles still stand in the way of our European companies from high energy prices to excessive regulatory burden," European Commission President Ursula von der Leyen said in a statement.
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"The Clean Industrial Deal is to cut the ties that still hold our companies back and make a clear business case for Europe."
The Clean Industrial Deal is part of wider package of proposals to cut red tape and incentivize the Green transition that the Commission hopes will help Europe's ailing industry compete on a stronger footing.
In the United States, President Donald Trump has been rolling back regulation to spur growth.
Later on Wednesday, the European Commission, the European Union's executive arm, is due to unveil plans to loosen rules on corporate sustainability reporting and supply chain transparency that businesses in Europe say are a drain on time and money.
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The Commission aims to reduce reporting burdens by 25 percent in an initial wave of measures in the first half of 2025, a target it says would mean savings of 40 billion euros ($42.06 billion) for European companies.
"(In) many parts of the world, we can do our job. And in Europe, we use more and more of our time in filling in useless pieces of paper," BusinessEurope director general Markus Beyrer told Reuters of the view among CEOs in the industry association.
The Commission is also expected on Wednesday to set out an energy plan meant to lower energy costs for Europe's businesses and consumers. It also intends to exempt most companies from its planned carbon border tariff on the grounds they produce only 1 percent of emissions in the scheme, draft proposal seen by Reuters showed.
