The European Union is considering the creation of a European Sovereignty Fund to finance joint EU projects for clean technologies.
The fund will be discussed by EU governments and institutions during a review of the bloc's long-term budget later this year.
According to European Economic Commissioner Paolo Gentiloni, the fund will help the EU maintain its lead in new green technologies that reduce CO2 emissions and fight against climate change.
The European Union is exploring the possibility of creating a European Sovereignty Fund to fund joint EU projects for clean technologies, with the aim of keeping the EU ahead of global competition in this sector.
The details of the fund are yet to be determined, including its size and how it will be financed.
However, the fund is intended to offer European added value and scale.
While the EU faces strong competition from China and the United States in the growing market for green technologies, the fund will likely emphasise the EU's determination to stay in the lead.
According to European Economic Commissioner Paolo Gentiloni, the fund will be "a positive signal for Europe's technological sovereignty".
Meanwhile, recent reports have highlighted that the UK Government's revamped net zero plans, including a green growth strategy, will contain major sops to the UK's fossil fuel industries and will miss out on key green measures.