EU Commission Hopes For Growth With Cheaper Energy And Less Red Tape

BRUSSELS, Feb 26 (Bernama-dpa) -- The European Commission is expected to present on Wednesday several initiatives to bolster the European Union's poor economic growth amid rising geopolitical tensions, reported German news agency dpa.

With these proposals the commission is trying to get the bloc's economy back on track against the backdrop of the threat of US tariffs and fierce global technological competition.

The initiatives are to include a set of measures for the bloc's industry covering various areas from critical raw materials to international cooperation.

One of the aims mentioned in the so-called Clean Industrial Deal is that 40 per cent of green technologies such as wind turbines are to be produced in the EU in future, according to a draft seen by dpa.

In addition, the commission is to present an action plan for lower energy prices and omnibus bills to simplify investments and sustainability reporting obligations, some of which only came into force recently.

Expanding the generation of green energy in the bloc and lowering electricity taxes are intended to lower the comparatively high energy prices in the EU which weaken the bloc's competitiveness, another draft obtained by dpa states.

Small and medium-sized companies are to be exempt from sustainability reporting requirements and no longer have to request the relevant data from all suppliers to cut costly red tape, according to a draft proposal.

To make investments easier, the commission intents to simplify the allocation of state aid and incentivise private investments.

The commission estimates that triple-digit billion investments in energy, industry and transportation are needed to reach the EU's climate targets and modernise the bloc's economy.

--BERNAMA-dpa