AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.00 Decreased By ▼ -0.53 (-0.41%)
BOP 6.76 Increased By ▲ 0.08 (1.2%)
CNERGY 4.50 Decreased By ▼ -0.13 (-2.81%)
DCL 8.70 Decreased By ▼ -0.24 (-2.68%)
DFML 41.00 Decreased By ▼ -0.69 (-1.66%)
DGKC 81.30 Decreased By ▼ -2.47 (-2.95%)
FCCL 32.68 Decreased By ▼ -0.09 (-0.27%)
FFBL 74.25 Decreased By ▼ -1.22 (-1.62%)
FFL 11.75 Increased By ▲ 0.28 (2.44%)
HUBC 110.03 Decreased By ▼ -0.52 (-0.47%)
HUMNL 13.80 Decreased By ▼ -0.76 (-5.22%)
KEL 5.29 Decreased By ▼ -0.10 (-1.86%)
KOSM 7.63 Decreased By ▼ -0.77 (-9.17%)
MLCF 38.35 Decreased By ▼ -1.44 (-3.62%)
NBP 63.70 Increased By ▲ 3.41 (5.66%)
OGDC 194.88 Decreased By ▼ -4.78 (-2.39%)
PAEL 25.75 Decreased By ▼ -0.90 (-3.38%)
PIBTL 7.37 Decreased By ▼ -0.29 (-3.79%)
PPL 155.74 Decreased By ▼ -2.18 (-1.38%)
PRL 25.70 Decreased By ▼ -1.03 (-3.85%)
PTC 17.56 Decreased By ▼ -0.90 (-4.88%)
SEARL 78.71 Decreased By ▼ -3.73 (-4.52%)
TELE 7.88 Decreased By ▼ -0.43 (-5.17%)
TOMCL 33.61 Decreased By ▼ -0.90 (-2.61%)
TPLP 8.41 Decreased By ▼ -0.65 (-7.17%)
TREET 16.26 Decreased By ▼ -1.21 (-6.93%)
TRG 58.60 Decreased By ▼ -2.72 (-4.44%)
UNITY 27.51 Increased By ▲ 0.08 (0.29%)
WTL 1.41 Increased By ▲ 0.03 (2.17%)
BR100 10,450 Increased By 43.4 (0.42%)
BR30 31,209 Decreased By -504.2 (-1.59%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

BRUSSELS: European Union leaders will hear on Thursday how the bloc could act to catch up to the United States, China and other rivals in a global race in new green and digital technologies.

Former Italian Prime Minister Enrico Letta, tasked by leaders with assessing the shortfalls of the EU single market, warned they could not consign a 147-page report he will present to them to a drawer and hope for the best.

“This is a last opportunity and last window that is open,” he told a news conference.

The report says the rise of geopolitical tensions and protectionism threaten EU economic security and undermine its push into technologies from artificial intelligence to clean tech.

The EU faces new challenges from massive US subsidies drawing in investment and China’s domination of new tech supply chains, on which it is dependent.

EU leaders will set out a nine-point plan, including deepening the single market and creating capital markets and energy unions, according to draft conclusions.

The big question is whether the bloc’s actions will match its words.

Plans for a capital markets union, which could unleash the private money required for the twin transition, date back a decade, but have stalled because EU members do not want to relinquish their control of national financial rules.

Belgian Prime Minister Alexander De Croo, whose country holds the six-month EU presidency, said the report highlighted the right elements.

“Now comes the next step and the next step is to put it into practice,” he told reporters. Letta said the greatest impact could come from steering the 33 trillion euros ($35.12 trillion) of private savings from current accounts to the real economy.

EU chief demands ‘European awakening’ on defence

The European Commission has said additional investments of 620 billion euros per year are needed for the green and digital transitions.

Lobby group BusinessEurope said it agreed with the report’s key message that the single market needed a reboot and Letta’s call for simpler EU rules.

Former European Central Bank chief Mario Draghi, who will deliver a separate report on EU competitiveness later this year, said in a speech on Tuesday that the EU needed consolidation and collaboration to create the scale to compete.

He also called for investment in common goods such as energy networks and a comprehensive strategy on securing essential resources.

Highlighting the challenge, non-ferrous metals association Eurometaux said on Thursday the bloc would need to open at least 10 new mines, 15 processing plants and 15 recycling plants by 2030 to meet its critical mineral goals.

Comments

Comments are closed.