By Weissblick @Adobe Stock

John Ainger and Ewa Krukowska of Bloomberg are reporting that Europe risks losing out to China and the U.S. if they don’t cut red tape and boost clean tech funding. They write:

The heads of major industrial companies want the European Union to cut energy costs and the regulatory burden of green rules to help the region stay competitive as the energy transition accelerates.

Over 70 business and industry leaders — including Jim Ratcliffe, the billionaire chairman of chemicals giant Ineos Group, are urging the bloc to introduce a European Industrial Deal to boost competitiveness during the shift. Their key asks are to make energy cheaper, cut red tape and boost clean tech funding.

The group says Europe risks losing out to China and the US in the race to supply the technologies needed to roll out renewables and slash industrial emissions. The warning comes just months after the EU finalized laws covering sectors from energy to transport to help slash emissions 55% this decade. And now the bloc has touted an even more ambitious goal — to cut 90% of emissions by 2040. […]

“Regulations in Europe are complicated, they are lengthy and they are not providing the incentives to encourage you to invest,” Martin Brudermueller, chief executive officer of BASF and president of European chemical industry association Cefic, said in an interview. “We need to turn it around.”

Read more here.