On January 29, the European Commission (EC) published the EU Competitiveness Compass. This initiative describes the governing body’s strategy for the next five years and will guide the work of EU executives.
The Compass has arrived ahead of the Clean Industrial Deal, which is anticipated for February 2025.
The new legislation, informed by the Draghi report, will aim to reinforce the EU’s competitiveness following a threefold work programme: “Simplify, invest, and accelerate on our economic priorities.”
According to Stéphane Séjourné, Executive Vice-President for Prosperity and Industrial Strategy, the EC, following this programme will encourage a productive and sustainable mindset that holds to “Our European Model – decarbonised, social and respectful of our values.”
The energy industry will play a part in boosting Europe’s competitiveness. The EC plans to set a 2040 decarbonisation target and will share a roadmap in March detailing its efforts to phase out the use of Russia’s oil and gas.
Electricity will also be at the forefront of reinforcing European competitiveness on a foundation of clean energy – the Compass notes that the Affordable Energy Action Plan can be expected by 26 February.
In this vein, SolarPower Europe has responded to the Compass’ release. The organisation notes that renewables, electrification, and flexibility can boost Europe’s competitiveness by decreasing day-ahead energy prices on average by 25% by 2030 and 33% by 2040.
“The Competitiveness Compass points to the right problem: our structural fossil fuel dependency,” says Walburga Hemetsberger, CEO of SolarPower Europe.
“It also points to the right solutions: more renewables, faster electrification, and stronger system flexibility.”
Arthur Daemers, Senior Policy Advisor, SolarPower Europe, adds:
“Solar PV is synonymous with affordable energy, but we still need to unlock its full potential. The announced Electrification Action Plan and European Grids Package must accelerate all those solutions; the Grids Package should become the Grids and Flexibility Package.
“There is no time to waste to decarbonise Europe with our most efficient, competitive asset: renewable electricity.”
