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IG BCE demands future fund for leading European industries

The German industry association for mining, chemistry and energy (IG BCE) in Hanover/Germany has asked policy-makers for a greater commitment to lighthouse industries in Europe. More sources of funding are necessary to drive forward the innovation capabilities of key industries, stated Managing Director of the IG BCE, Michael Vassiliadis, at the energy and industry-political press conference held at the end of February 2017 in Haltern am See/Germany. Key areas of the economy such as the energy and mobility sector will require a greater commitment than previously in order to support their structural transformation, e. g., through a dedicated future fund for Europe’s leading industries. The fund provide investment assistance for companies who are concentrating on new business areas in their industry that would make a real contribution to domestic industry and its competitive strength. EU funding programs are currently limited to the compensation of regional differences and agricultural issues.

In the future of energy supply, e. g.,high technology projects such as artificial photosynthesis or Power-to-x should receive funding, according to Vassiliadis. At present, billions of euros in subsidies are currently being awarded to renewable energy sources, the performance of which is highly variable depending on the weather, and which have restricted remaining innovation potential. The fact that these technologies alone are not able to offer a reliable energy supply was demonstrated not least back in January when Germany’s energy requirements had to be almost completely covered by conventional power stations during a period of particularly calm weather. The energy mix of the future therefore needs revolutionary high technology if it is to guarantee a reliable power supply.
(IG BCE/Si.)