Ladies and Gentlemen,

Good afternoon, everybody,

I am delighted to be here today. I know all of you are just as passionate as I am about the urgent need to shift to a cleaner energy future. Many of you are experts in sustainable and renewable energy, while some work for local or national authorities driving initiatives on the ground. We also have young energy ambassadors with us.

However, I seek your assistance. The reality is that, as we reflect on climate action and the clean transition, it appears to be less of a priority than it once was. The conversation has changed, and some argue that prioritizing economic competitiveness means lower climate ambitions.

This is where I have a different perspective, and I believe you do too. It is insufficient to remain in our bubble and converse among ourselves. We must articulate why this is crucial. A common misconception is that climate action is about altruism and saving the planet, seen as a cost we cannot afford. This is not the case.

Climate change is an urgent reality for our ecosystem and an economic issue that will escalate. Europe faces annual economic damages ranging from EUR 50-100 billion, and that number will only increase. As the planet warms, Europe is experiencing temperatures rising twice as fast, leading to more devastation and extreme weather at greater costs.

Climate change is connected to economic security and energy independence, ensuring we are not held hostage by rogue states like Russia. It is about strengthening supply chains and creating high-quality jobs in a competitive, circular economy moving towards clean technology.

Therefore, decarbonisation encompasses climate, competitiveness, and independence. With this connection in mind, we launched a Clean Industrial Deal in February to re-industrialise, decarbonise, and enhance Europe’s competitiveness. This initiative sends a strong signal of our commitment to the clean transition and will provide the investment certainty that businesses seek.

From discussions with businesses across Europe, this is what they desire. We are addressing the challenges faced by energy-intensive industries and supporting innovative companies developing clean technologies. Over the next few years, we will inject an additional EUR 100 billion into EU-made clean manufacturing.

The EU is fully committed to re-industrialising our economy and investing in the technologies that will lead to a cleaner, more competitive, and self-sufficient future. To succeed, we require a Marshall Plan for Energy, or as my colleague Dan Jørgensen describes it, a true Energy Union.

We must double down on renewables, as their costs are rapidly decreasing. Investing in grid capacity is vital; every euro invested can save over EUR 2 in system costs. We also need to invest in cross-border electricity interconnectors to treat Europe as one market, saving billions in inefficiencies.

Energy storage capacity is another critical area where we must invest. The EUs Innovation Fund has already financed over 15 projects focused on enhancing storage capacity. Lastly, we must explore how energy-intensive businesses can contribute to the grid, potentially freeing up significant capacity.

In conclusion, while we face a challenging landscape and competing concerns, addressing climate, independence, and competitiveness is essential. Let us continue the journey toward decarbonisation and tackle these five key areas. Thank you, and I wish you a fruitful conference.