The Act, previously informally agreed upon with the Council, aims for Europe to meet 40% of its annual deployment needs in net-zero technologies by 2030, drawing from National Energy and Climate Plans (NECPs) and aiming to capture 15% of the global market value for these technologies.
Supported technologies include renewables, nuclear, industrial decarbonization, grid enhancements, energy storage, and biotech.
The law streamlines permitting processes, establishing maximum timelines based on project scope and output. It also introduces "Net-Zero Acceleration Valleys" initiatives to expedite permitting by delegating certain environmental assessment tasks to member states. Additionally, the legislation mandates that national support schemes for transitioning households and consumers to technologies like solar panels and heat pumps must consider sustainability and resilience criteria.
Public procurement procedures and renewable energy deployment auctions must also adhere to these criteria, with the Commission defining conditions, affecting a minimum of 30% of the yearly volume auctioned per member state or up to six Gigawatts per country annually. The Act encourages funding from national Emission Trading System (ETS) revenues and supports strategic projects through the Strategic Technologies for Europe Platform (STEP), marking progress towards a European Sovereignty fund.
