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European Union to unveil revamped industrial strategy


European Union to unveil revamped industrial strategy

eu industrial policy
Photo: European Commission

European Commission Vice President Margrethe Vestager and Vice President Valdis Dombrovskis will present the EU’s industrial strategy—its Small and Medium Enterprises strategy, Single Market Barriers Report and Single Market Enforcement Action Plan—in Strasbourg today.

The industrial strategy is expected to focus on building a circular economy with environmental objectives in order to achieve a carbon-neutral continent by 2050. Towards this, the EU’s ‘Green Deal’ will be a priority; regulations to halve the EU’s waste by 2030 will be a medium-term goal.

The EU is likely to gradually shift away from its goal of cheap consumer prices, towards a pricing strategy that is inclusive of carbon footprint in the global supply, logistics and manufacturing. This will prevent countries from sourcing products from places with less environmental and social constraints.

The EU’s strategy is likely to introduce regulations to curb fast consumption among its population. This could include measures to incentivise longer use of consumer goods such as electronic gadgets and fashion stocks through more repairs and fewer discards. The long-term path is thus expected to focus on affecting consumer behaviour towards sustainable consumption patterns.

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