The president of the European Commission, Ursula von der Leyen, announced the plans during a speech at the World Economic Forum in Davos, Switzerland.
The plan would provide financial support to the bloc's green industries through state aid as well as a European Sovereignty Fund. Its goal is to keep the sector competitive in the face of the technological dominance of the US and China.
In her speech, Von der Leyen said the steps would be part of the European Union's (EU) Green Deal industrial plan to help Europe reach net-zero carbon emissions by 2050.
"To help make this happen, we will put forward a new 'Net Zero Industry Act'," she said. "The aim will be to focus investment on strategic projects along the entire supply chain.
"We will especially look at how to simplify and fast-track permitting for new clean tech production sites."
The initiative has been interpreted as Europe's response to the Inflation...