HANNOVER, Germany — Europe’s industry is ready to take on state-subsidized Chinese and American rivals in the global green tech race — but Brussels must create the right conditions for it to do so.
Failure to act will condemn Europe to deindustrialization: That’s the key message from bosses to politicians ahead of June’s election for the European Parliament and a host of key national elections.
Faced with cost pressures and dislocation caused by Russia’s war in Ukraine and tensions in the Middle East, businesses across the bloc — from German automotive suppliers Bosch and Continental to Swedish telecoms equipment maker Ericsson — have been forced to lay off workers or freeze hiring.
What’s more, companies argue that neither the EU nor national capitals are taking the steps needed for Europe’s economy to gear up in a turbulent geopolitical context. Across the Atlantic, meanwhile, rivals are reaping the benefits of President Joe Biden’s bonanza of green subsidies, while China keeps pouring money into industries of the future.
