Support for industry expressed by Greek power utility PPC and other major European energy utilities through the recent Antwerp Declaration illustrates a common understanding of existing energy-transition problems, or common acceptance that zero-carbon goals in Europe may be right but roads leading to their achievement are not.

PPC is one of many signatories backing the Antwerp Declaration for a European Industrial Deal. It was presented in February following an agreement between seventy-three industry leaders and has since been endorsed by nearly 570 companies representing twenty industrial sectors, as well as 803 organizations and 186 associations and unions.

Besides PPC’s CEO Giorgos Stassis, the Antwerp Declaration has also been endorsed by CEOs of other energy utilities and companies, including Patrick Pouyanné of TotalEnergies, Luc Rémont of EDF, and Adriano Alfani of the ENI group.

The declaration underlines the commitment of industry to Europe and its transformation and outlines urgent industry needs to make Europe competitive, resilient, and sustainable in the face of dire economic conditions.

Industry’s concerns are justified as, despite the sector’s willingness to invest in new clean technologies, European bureaucracy often acts as a deterrent, forcing some industries to consider establishing new bases beyond the continent.

The declaration has brought together major players across Europe who agree that energy costs on the continent are too high and exacerbated by too many regulatory burdens. The consensus expressed by these signatories highlights that Europe is right in pursuing zero carbon targets, but doing so by de-industrializing is wrong.