Commission President Ursula Von der Leyen gave the State of the Union speech in which she explained aspects of economic relevance such as energy measures, the NextGenerationEU recovery plan and the green and digital transformation.
Member States have received, to date, 100 billion euros. This plan will mean a steady flow of investment of an additional €700 billion until 2026 for the European Union.
Despite being a plan designed almost two years ago, it is still what Europe needs as the projects funded by NextGenerationEU are:
In order to untie the dominant influence of gas on electricity prices, the European Union is carrying out reforms in the electricity market:
A primary objective of the EU is to move from a niche to a mass market for hydrogen, and other measures are in place to meet these expectations:
REPowerEU is intended to produce ten million tonnes of green hydrogen per year in the European Union by 2030. To this end, a hydrogen market facilitator will be set up to bridge the investment gap and connect future supply and demand.
In addition, a European Hydrogen Bank has been announced to help secure the purchase of hydrogen through the resources of the Innovation Fund.
This new European Hydrogen Bank will have ¤3 billion to finance the future of the hydrogen market.
Von der Leyen also presented a package of support for SMEs. This package includes a proposal to establish a single set of business tax rules for Europe called BEFIT. These rules will help to boost and facilitate business activity in our Union.
The President of the European Commission spoke about the transition to a digital and green economy in the European Union. To drive this transition, she stressed the importance of access to raw materials.
“Lithium and rare earths will soon be more valuable than oil and gas. That is why the demand for rare earths will increase fivefold by 2030,” said Ursula Von der Leyen.
Finally, the president explained that in order to cope with the increase in public debt, caused by the financing of the ecological and digital transition, new budget rules will be created.
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