Ladies and Gentlemen,

Good afternoon, everybody,

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

But I want to ask for your help. The reality is, as we reflect on climate action and the clean transition, it seems to be less of a priority than before. The conversation has shifted, and some argue that prioritizing economic competitiveness means lower climate ambitions.

This is where I have a different view, and Im sure you do too. Its not enough to stay in our bubble and talk among ourselves. We need to articulate why this is so important. The common misconception is that climate action is about altruism and saving the planet, seen as a cost we cannot afford. Thats not true.

Climate change is a pressing reality for our ecosystem and an economic issue that will worsen. Europe faces economic damages ranging from EUR 50-100 billion annually, and that figure will only rise. As the planet heats up, Europe is warming twice as fast, leading to more devastation and extreme weather at higher costs.

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

Thus, decarbonisation is about climate, competitiveness, and independence. With this nexus in mind, we launched a Clean Industrial Deal in February, aiming to re-industrialise, decarbonise, and enhance Europes competitiveness. This initiative is a strong signal of our commitment to the clean transition and will provide the investment certainty businesses seek.

From discussions with businesses across Europe, this is what they desire. We are tackling 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 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 need a Marshall Plan for Energy, or as my colleague Dan Jørgensen calls it, a true Energy Union.

We must double down on renewables, as their cost is decreasing rapidly. Investing in grid capacity is essential; every euro spent 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. Lets continue the journey toward decarbonisation and tackle these five key areas. Thank you, and I wish you a fruitful conference.