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About Net-Zero Industry Act
1. The European Council has adopted a regulation establishing a framework of measures for strengthening Europe’s net-zero technology manufacturing ecosystem, known as the ‘net-zero industry act’.
2. The Net-zero Industry act is part of the Green Deal Industrial Plan, along with the Critical Raw Materials Act and the Electricity Market Design Reform.
3. Objectives of the Regulation:
i) Boost Industrial Deployment: It enhance the deployment of net-zero technologies to achieve the EU’s climate goals.
ii) Reinforce Leadership: It strengthens Europe’s position as a leader in industrial green technologies.
4. Significance: The act aims to reduce dependencies, reinforce strategic autonomy, and foster growth and job creation in Europe.
5. The net-zero industry act is one of the three key legislative initiatives of the green deal industrial plan together with the critical raw materials act and the electricity market design reform to enhance the competitiveness of Europe’s net-zero industry and support a rapid transition to climate neutrality.
UPSC Syllabus: Environment
