An anonymous reader quotes a report from Reuters: The European Union on Tuesday agreed a 43 billion euro ($47 billion) plan for its semiconductor industry in an attempt to catch up with the United States and Asia and start a green industrial revolution. The EU Chips Act, proposed by the European Commission last year and confirmed by Internal Market Commissioner Thierry Breton, aims to double the bloc’s share of global chip output to 20% by 2030 and follows the U.S. CHIPS for America Act.
“We need chips to power digital and green transitions or healthcare systems,” Commission Vice-President Margrethe Vestager said in a tweet. Since the announcement of its chips subsidies plan last year, the EU has already attracted more than 100 billion euros in public and private investments, an EU official said. “The critical piece of the equation which the EU will need to get right, as for the U.S., is how much of the supply chains supporting the industry can be moved to the EU and at what cost,” said [Paul Triolo, a China and tech expert at the Washington-based Center for Strategic & International Studies]. While the Commission had originally proposed funding only cutting-edge chip plants, EU governments and lawmakers have widened the scope to cover the whole value chain, including older chips and research and design facilities.