Siemens Energy Chairman Criticizes EU Net Zero Policies as Economically Damaging

The chairman of Siemens Energy warned on January 25 that Europe's strict net zero regulations are crippling industrial competitiveness. Joe Kaeser criticized the "ideological" approach, stating it sacrifices reliable, affordable energy and makes companies uncompetitive. Kaeser, speaking at the World Economic Forum in Davos, called for a more economically feasible decarbonization plan. He specifically attacked EU mandates, like requiring 43% of heavy goods vehicles to be electric by 2030, for regulating supply without considering customer demand or business viability. He noted Germany's sub-2% share of global emissions, arguing aggressive local targets risk the economy for minimal global impact. Concurrently, US officials at the forum criticized Europe's green policies for increasing reliance on Chinese manufacturing for components like batteries and wind turbines.