SOTEU 2023: What’s in for EU companies in their energy transition?

President von der Leyen’s speech highlighted critical aspects that concern European enterprises on their energy transition path. She emphasised the shift of the climate agenda towards becoming an economic driver, providing “a clear sense of direction for investments and innovation,” with European industries demonstrating readiness to embrace sustainable practices.

Proving how the sustainable growth strategy is delivering in the short-term, von der Leyen announced that the number of clean steel factories in the EU has grown from 0 to 38 in the last five years, and that the EU is attracting now more investment in clean hydrogen than the US and China combined. Impressive, isn’t it?

When it comes to how the EU is supporting European industry in accelerating the transition to climate neutrality, the Commission’s president flagged up the package of measures currently in place – from the Net-Zero Industry Act to the Critical Raw Materials Act. 

In this line, she also introduced the implementation of a series of Clean Energy Transition Dialogues, with the core aim of supporting every sector in making its business model suitable for decarbonisation. 

“We believe that this transition is essential for our future competitiveness in Europe,” von der Leyen said. At the Covenant of Companies, we are proud to be contributing to making this clean energy transition a reality by providing EU businesses with the right support and guidance to decarbonise their business, ensuring that no one is left behind.