Tuesday, July 23, 2024
HomeOil & GasFrom 'Fit for 55' to 'Fit for Reality': highlights from the Hungarian...
Powered by

From ‘Fit for 55’ to ‘Fit for Reality’: highlights from the Hungarian Presidency’s first Competitiveness Council

The first informal meeting of the Competitiveness Council, held under the Hungarian presidency of the Council of the European Union took place at MOL Group’s headquarters in Budapest. EU ministers and state secretaries from several member states convened in the MOL Campus to discuss how to preserve and enhance Europe’s competitiveness.

“It is in all of our interests that Europe remains strong and competitive. This requires extensive collaboration between industry and policymakers,” stated Zoltán Áldott, Chairman of the Supervisory Board of MOL Group. “We ask the leadership of the European Union to offer a predictable and realistic future vision for key market players, rather than excessive regulation and administrative burdens. The Fit for 55 climate package is a great vision, but Europe actually needs a Fit for Reality plan to tackle real-world challenges. We are committed to accelerating the green energy transition through our investments, but a supportive environment is essential for success in all strategic areas. It is crucial for us as MOL Group not only complies with the EU’s green targets but plays an important in ensuring energy security in the CEE region.”

Concerns about the continent’s competitiveness were highlighted earlier this year in February by European industrial stakeholders as 73 leaders from nearly 20 industries issued a joint declaration, known as the “Antwerp Declaration,” to Belgian Prime Minister Alexander De Croo, then-President of the European Council and Ursula von der Leyen, President of the European Commission. The participants of the Antwerp Industrial Summit agreed that successful green energy transition hinges on competitiveness. Since then, over 1,200 organisations have signed the declaration and work continues within the framework of the “Antwerp Dialogues” to elaborate on the declaration’s topics and establish a consensus to support future decision-making.

Competitiveness is key for successful green energy transition, says Antwerp Declaration for a European Industrial Deal

 

MOL highlighted five points on how industrial policies can enable the energy transition and support European competitiveness:

  1. we need a new industrial and regulatory paradigm: policy should create positive business cases, as targets alone are insufficient;
  2. an honest and deep analysis is needed on the real effects of EU climate and energy policies on European competitiveness and ability to attract investment;
  3. the success of the transition depends on regulatory certainty, reduced administrative burden, open approach to all cost-efficient sustainable technologies and availability of de-risking schemes for innovative projects;
  4. a package of corrective measures is necessary in order to reduce regulatory burden, policy incoherence and to better take into account regional specificities;
  5. to ease the burden on the energy intensive industries and increase the funds available for the transition, revenues from the ETS should be dedicated to the industrial transformation of the affected sectors.

Following the meeting, attendees participated in an interactive exhibition where MOL Group showcased its sustainable strategic areas using various demonstration tools, product samples and videos. The exhibits covered topics such as green hydrogen, biogas, various synthetic and biofuels, waste management, and plastic recycling, as well as petrochemical raw materials necessary for the production of everyday products. The company set up a lithium lab for the event, and its experts also presented opportunities MOL sees in geothermal energy and carbon capture and storage (CCS).

Sign up for our newsletters

    Monthly newsletter – Delivering the most important energy stories of the month selected by our Editor-in-chief
    Weekly Oil&Gas roundup - All major news about the oil and gas industry, LNG developments, the upscaling of new gases and related EU regulations arriving in your mailbox every Monday.
    Weekly Renewables&Climate roundup - All major news about investments in renewable energy sources, environment protection, green hydrogen and new innovative ways to tackle the climate crisis arriving in your mailbox every Tuesday.

    Most Popular