EBA calls for action to prevent battery investment outflows from Europe to US
In a recently held high-level meeting by European Battery Alliance (EBA) with European Commission Vice-President Šefčovič, the stakeholders discussed on the impact of the US Inflation Reduction Act on the European battery ecosystem.
Organized and hosted by EBA250-EIT InnoEnergy, the meeting gathered top executives of the industrial European champions along the entire battery value chain. They acknowledged that the launch of the US Inflation Reduction Act is challenging the positive outlook for a continued growth of battery industry in Europe.
EBA has said that the industry will succeed only by acknowledging the change of paradigm in global trade and act jointly to complete Europe's existing toolbox and increase the speed of execution.
The high-level industrial meeting discussed on concrete actions for Europe to remain highly attractive for battery-related investments. "We concluded that the upcoming weeks will be decisive to act for preventing the outflow of investment from Europe. Measures are urgently needed at EU, Member States and local levels to accelerate and de-risk investments, speed up industrial projects and ensure our European global competitiveness", said the EBA's press statement.
The proposal for an emergency package of EU measures to unlock and keep over € 100 billion of investments in Europe has been addressed to the European Commission. It includes emergency financial incentives to accelerate investments, and emergency measures to shorten and ease industrial permitting for raw materials, materials and industrial projects.
Further, the stakeholders have proposed to accelerate, reprioritize and reallocate existing EU funds like 'Recovery and Resilience' and 'REPowerEU' towards strategic battery manufacturing projects and capacity scale-ups in supply chain.
They have also suggested making the battery value chain a priority for the new EU Sovereignty fund scheduled to be proposed in 2023 towards green and digital transition.
Additional actions to boost the global leadership and long-term competitiveness of the European battery value chain was also sought in the meeting.