I believe Europe is uniquely positioned to respond to the energy and materials transition and will actually emerge as one of the winners in this era for several reasons. Firstly, if we start with consumer preferences, Europeans are very forward-leaning consumers who prefer circular products and environmentally-friendly alternatives.
Secondly, if we look at Europe’s regulatory environment, we have been advancing our policies in many areas, including CO2 pricing and biofuel mandates. So the regulatory environment is very favorable for advancing the technologies necessary for a faster energy and materials transition to a new era.
Thirdly, it is already home to many global powerhouses in the areas of innovation required to make this crucial transition. Whether you look at hydrogen, sustainable aviation fuel, and many others on the cutting edge of this energy and materials transition, the leading players are found here in Europe.
And fourthly, which is partly a result of the three points I mentioned, we are starting to see technology clusters springing up around the continent. We have a cluster in Iberia, and another one in the Nordic countries, where academia, start-ups, large enterprises, channels, and regulations have come together to create the scale essential to compete globally.
If you put all this together, I believe Europe offers many investment and employment opportunities. I also think it puts us on the cutting edge of ESG performance and CO2 emissions and will also have positive health benefits for Europeans.