00:00Last Friday, I met with President Biden in Washington.
00:04We had a very good discussion on the Inflation Reduction Act.
00:09There is a striking symmetry between the Inflation Reduction Act and the European Green Deal.
00:16Both of them are simultaneously a climate strategy and a strategy for investment and growth.
00:24Both of them include funding for just transition.
00:28And both include regulatory standards.
00:33In other words, the two biggest and most advanced economies in the world are now moving in the same direction.
00:42We Europeans need to get better at nurturing our own clean tech industry.
00:48We need to speed up. We need to simplify procedures.
00:52We need to grant better access to public and private finances.
00:56The global investment in the clean transition topped $1 trillion last year.
01:04And that's 30% more than the year before.
01:08And if you look at the global market for net zero technologies, it is set to triple by 2030.
01:18So, in other words, the race is on.
01:21The race on who is going to be dominant in this market in the future.
01:26And we must get our act together if we want to stay front runners.
01:30We must nurture our own clean tech industrial base, both to create good jobs, well-paying jobs here in Europe,
01:39and of course to ensure access to the clean solutions we need so urgently.
01:44And that's what the European Green Deal Industrial Plan is all about.
01:52The centerpiece of the Green Deal Industrial Plan are two legal acts.
01:58The one is the Net Zero Industry Act, and the other one is the Critical Raw Materials Act.
02:04The Commission is proposing those two legal acts this week, actually tomorrow.
02:10With the Net Zero Industry Act, we are setting the ambition.
02:15By 2030, we want to be able to produce at least 40% of the clean tech that we need
02:21here to fulfill our green transitions.
02:23So, in short, the Net Zero Industry Act provides speed, simplification, and it provides funding.
02:34The second centerpiece is the Critical Raw Materials Act, which the College will also adopt tomorrow.
02:42This is about securing the supply for critical materials, which are badly needed for the digital and green transition.
02:52As you all know, today, the European Union depends heavily on a few-third countries for these strategic raw materials.
03:04We want to extract more ores and minerals here in the European Union.
03:09We want to boost our processing capacity to at least 40% of annual consumption.
03:16And, of course, we need to recycle more.
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