European Market for Transformation Technologies to Emerge

by | 4. Oct 2022 - 14:40 | Politics

The BMWK advocates a “platform for transformation technologies”.

Europe is heavily dependent on Asia, especially China, not only for the supply of critical raw materials for future technologies. The same also applies to downstream stages of the value chains, such as solar modules.

The German Federal Ministry of Economics and Climate Protection (BMWK) wants to counter Asian dominance with a “platform for transformation technologies” and create “an alliance of politics, industry and research in the European Union.” The industrial capacities of the member states are to be expanded and promoted for this purpose in order to meet the growing demand for transformation technologies from domestic production. The BMWK includes wind power, photovoltaics, electrolysers, power grids and heat pumps among these.

In the long term, a European market for climate and transformation technologies is to be created. State Secretary Sven Giegold presented the initiative in Brussels on Thursday, and EU Commissioner Thierry Breton and numerous member states strongly welcomed the proposal, according to reports.

Photo: iStock/DutchScenery

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