European Commission proposes mobilising 100 billion euros for EU-made clean tech

BRUSSELS (Reuters) - The European Commission on Wednesday proposed making available 100 billion euros ($104.94 billion) to support EU-made clean manufacturing as part its landmark Clean Industrial Deal.

The deal is a key pillar of its competitiveness plan, designed to support energy-intensive industries facing high costs and heavy bureaucracy as they challenge for market share with global rivals.

As part of the deal previously reported by Reuters, the Commission plans to launch together with the European Investment Bank guarantee schemes to ease costs for long-term renewable power contracts as well as to support grid manufacturers.

The Commission also proposed creating an EU Critical Raw Material Centre to jointly purchase key metals and minerals required in the energy transition.

The deal is part of a wider plan that includes simplifying red tape and carbon duties and subject to approval in the European Parliament and amongst a reinforced majority of EU member states.

($1 = 0.9529 euros)

(Reporting by Julia Payne; editing by Richard Lough)