Fortum White Paper on the priorities for the next European Commission

Fortum White Paper proposes several key actions that the next EU Commission should take to foster the development of clean and green industries and to reduce dependency on fossil fuel supplies. The purpose of the Paper is to address Europe’s immediate energy challenges while laying the groundwork for a sustainable and prosperous future, reinforcing Europe’s role as a forerunner in the global clean energy transition.

The European Green Deal has been the flagship project of the current EU Commission, and the war in Ukraine and the energy crisis have further highlighted the need to reduce external dependencies. Industrial competitiveness, security of supply and energy independence are expected to be among key priorities during the next EU mandate (2024–2029). While the decarbonisation of the power sector is already advancing well, enhancing direct and indirect electrification of industries and the development of a hydrogen economy in Europe is the next task at hand.

Summary of the proposed key actions

1. Accelerate industrial decarbonisation

Speed up the process to reduce Europe’s reliance on fossil fuels and external supply chains for critical resources like raw materials and energy.

Make the decarbonisation of industries and industrial processes a top priority.

2. Restore internal market principles and regulatory framework

Ensure a stable and predictable environment for companies to operate and invest in.

Develop regulatory frameworks that provide long-term certainty and support innovative and sustainable investments, including flexible financing instruments for risk sharing.

Phase out various crisis-related market interventions and maintain a level playing field.

3. Invest in electrification and hydrogen economy

Support the large-scale electrification of societies and the development of a hydrogen economy, recognising the contribution of allCO2-free technologies.

4. Set and maintain ambitious climate targets

Maintain high climate ambition (90% CO2 reduction by 2040 and carbon budget for 2030–2050), separate targets for emissions reductions and carbon removals.

Develop pricing mechanism for new sectors (agriculture, waste).

Secure the efficient implementation of 2030 climate targets (FF55).