Europe's emerging green industries were the major winners yesterday as the European Commission announced the six sectors set to benefit from its new Lead Market Initiative (LMI) to accelerate the development of innovative industries and remove regulatory barriers.
The commission said that the LMI, which aims to bolster the development of emerging market sectors by streamlining regulations and "lifting obstacles hindering innovation", would initially focus on eHealth, protective textiles, sustainable construction, recycling, bio-based products and renewable energies.
It said that the LMI would create an improved environment for innovation in these markets by slashing red tape, promoting public procurement of emerging products and services and developing EU-wide standards.
In particular, the commission said it would aim to remove many of the planning and certification barriers hampering the development of the renewable energy market, promote next-generation recycling processes and cut administrative burdens for sustainable construction firms.
The commission claimed the measures would help to more than double the size of the six selected industries, estimating that they could generate more than €300bn and more than three million jobs for the EU by 2020.
"Europe must develop innovation-friendly markets in a more targeted way, creating conditions to facilitate the marketing of innovative products and services," said Günter Verheugen, vice president for enterprise and industry policy at the commission. "The Lead Market Initiative has identified promising emerging markets in which the European Union has the potential to become world leader and where co-ordinated action is urgently needed."
