Cefic’s statement on the 2040 Climate Target

“To meet climate neutrality, Europe’s electricity production will need to multiply, and industry investments will need to be a factor six higher than today. This enormous challenge comes just as industry faces the most severe economic downturn in a decade, demand is falling, and investments move to other regions. With the US economy closing its borders, Chinese overcapacity and exports will target Europe even more. Our companies fight against this challenge every day. Sites are being closed, production halted, people let go. Europe needs a business case, urgently”.

Marco Mensink, Cefic Director General

Climate targets need to be more than words, they need to propose credible solutions to the historical challenges European industry is facing. What we need is an Industrial Deal to complement the European Green Deal, deployment of essential infrastructures, diverse abatement technologies, scaling up of new technologies, stopping carbon and investment leakage, and the creation of a market for low carbon products. Urgently.