Radical change in the way we power our lives and industry is underway. The latest edition of the International Energy Agency’sreport from October 2023 shows clean technologies playing a significantly greater role in the global energy system by 2030 than they do today.
Already the positive impact of early acceleration of clean energy and technologies can be felt in the economies of countries such as China. And while progress towards clean energy is unstoppable, it is important to note the IEA also highlights these advancements are not enough to keep global warming below the 1.5C set down in the Paris Agreement.
European businesses are, however, already feeling China’s ability to offer renewable products and cars at much lower prices, and also the way the US’s Inflation Reduction Act is attracting European companies' investments into America. For the EU to bring those benefits home rather than see them land in China and the US, a concerted focus on developing a long-term industrial strategy needs to surface.