A New Industrial Strategy for Europe

The New Industrial Strategy for Europe, presented to the Parliament and Council on 10th March 2020, sets out the "direction of travel" for European industry as the EU embarks on a dual transition "towards climate neutrality and digital leadership". The strategy aims to create a "globally competitive and world-leading industry", that "paves the way to climate-neutrality", while "shaping Europe's digital future".Measures set out in the strategy focus on governance and institutions, engagement with the WTO and other international bodies, research and innovation, and efforts to engage both public and private sector financing through the Action Plan on the Capital Markets Union 2020. The Strategy contains sections dedicated to hydrogen and the circular economy and also sets out plans to support industry through the transition, including through the creation of a new Just Transition Mechanism that will "mobilise €100 billion to ensure a fair transition for carbon intensive regions as they continue to transform their industries and economies".