Industry awards 229 million euros in CO2 subsidies for large-scale industry

Nov 14, 2023 | Current affairs, Featured, Revista Lloseta, Thursday Daily Bulletin, Tradition

The Ministry of Industry, Trade and Tourism has published the resolution for the award of 229 million euros in subsidies related to the compensation mechanism for indirect greenhouse gas emissions costs for 2023.

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CO2 subsidies for large-scale industry

The 185 proposed beneficiaries of the subsidies for 2023 (2022 costs), called by Order of the Ministry of Industry, Trade and Tourism of May 19, 2023, carry out their activity mainly in Asturias, which is the autonomous community with the highest percentage of subsidies, with 21.1% of the total, followed by the Basque Country with 18.3% and Andalusia with 11.7%.

By sectors, the largest amount corresponds to the basic iron, steel and ferroalloy products sector with 33.3%, followed by paper with 20.3%.

For the acting Minister of Industry, Trade and Tourism, Héctor Gómez, “this aid shows the Government’s commitment to the industrial sectors and is an effective instrument for improving their competitiveness, strengthening their industrial capacities and employment at a time when it is necessary to increase the weight of industry in order to accelerate the economic recovery and face the industrial revolution in which we find ourselves with guarantees”.

The Minister pointed out that having a strong industrial fabric is one of the priorities of the Government’s agenda, in addition to guaranteeing a competitive energy price.

The Minister of Industry highlighted the budgetary effort being made by the Government to help large industry, as evidenced by the 229 million euros that have just been allocated for CO2 compensation.

The European Union allows each Member State to compensate the indirect costs of industries in certain sectors or sub-sectors that are considered to be exposed to a significant risk of “carbon leakage”, due to the costs related to greenhouse gas emissions passed on in electricity prices.