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Boosting clean technology with the EU Law on Net Zero Industry Act

20 Mar 2024. 11:56
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  • SME maturity
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    1. Sostenibilidad
    Scope to digitize
    1. Digital organization

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Promoting the use of technologies that promote sustainability is one of the main objectives of the European Union, and in this post, we explain what the new Law on Net Zero Industry Act entails and how it proposes to revolutionize Europe's strategic capacity.

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The EU, committed to a more sustainable future

One of the major challenges facing society today is promoting a better future for all. This commitment has led European countries to promote policies aimed at caring for the well-being of the planet through initiatives that have digital transformation as the main driver of these proposals.

This is where the European Green Deal comes into play, an ambitious roadmap that involves all sectors of the economy and whose main objective is to achieve climate neutrality by 2050. To achieve this, the European Union has channeled its efforts into promoting various initiatives, such as protecting and regenerating natural resources, developing sustainable economies, improving people's health, and, among others, reducing greenhouse gas emissions.

 

In this context, the Law on Net Zero Industry Act emerges. Do you want to know what it's about? We'll tell you next!

 

What is the Law on Net Zero Industry Act?

This Law is an initiative stemming from the European Green Deal aimed at increasing the ideation and creation of clean technologies within the European territory. Given that technology is also a pollutant, the goal is to foster the European Union's capacity to create technologies that facilitate a transition towards clean energy with low or zero impact.

The Law was presented in March 2023 by the European Commission and currently, the European Parliament and the European Council have reached a provisional agreement on its content. With all this, it is expected that it will soon be definitively issued to begin its implementation equally across Europe.

The objective of this Law, in addition to promoting decarbonization in European soil, is to improve the competitive capacity of the Member States and their industries in the international market.

To achieve this, the Law on Net Zero Industry Act supports up to eight key technologies, which are:

  1. Photovoltaic and thermal solar technologies.

  2. Onshore wind and offshore renewable energy.

  3. Batteries and storage.

  4. Heat pumps and geothermal energy.

  5. Electrolysers and fuel cells.

  6. Biogas or biomethane.

  7. Carbon capture and storage.

  8. Network technologies, which also include electric vehicles.

These options were selected considering one of the objectives of the Law, which is to promote the capacity to create cleaner technology by assessing which are available and have the potential for rapid expansion.

Additionally, consideration has been given to include other technologies such as sustainable alternative fuels or advanced techniques for producing energy from nuclear sources.

 

What benefits can this Law bring?

For citizens, the Law on Net Zero Industry Act undoubtedly represents an investment in a healthier future for ecosystems and people, innovation from sustainability, the assurance of having various energy options without depending on fossil fuels, and the creation of new jobs, among others.

 

The objective of this Law, in addition to promoting decarbonization in European soil, is to enhance the competitive capacity of the European Union.

 

But what about for SMEs? What does it entail?

Small and medium-sized enterprises can also find a series of opportunities in this Law to boost their businesses:

  1. Investment aids: the Law includes the possibility of accessing grants or financing for companies interested in investing in clean technologies.

  2. Reduction of administrative procedures: this initiative aims to streamline the bureaucratic process required for the creation or acquisition of these technologies, thus facilitating their investment and implementation.

  3. Promotion of new tools: this law will finance research and innovation projects, allowing SMEs to develop these technologies with the support of the EU.

  4. Market positioning: in a few years, these technologies will be essential. Therefore, investing in them from the beginning helps SMEs take their first steps and position themselves as pioneers in this process.

  5. Skills development: additionally, one of the objectives of the law is to enhance the skills of workers to promote the progress of these technologies. In this way, SMEs can also collaborate with other businesses and share knowledge and development capabilities.

  6. Environmental protection: lastly, the main objective is to protect our planet. And SMEs, which reflect a fundamental part of the business fabric, are a key player.

 

Now that you know what the Law on Net Zero Industry Act entails and the European Union's plans for the future, are you in?

Stay informed about the most important news regarding digital transformation in SMEs and self-employed individuals in our news section.

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