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Draghi’s industrial masterplan has decarbonisation at its core

By Simone Tagliapietra

A report on the future of European competitiveness, prepared by former Italian prime minister Mario Draghi and long awaited in Brussels, is finally out.

It is expected to significantly shape the work programme for the next five years of the European Commission, led by Ursula von der Leyen, who commissioned the report.

The report is a masterplan for a new European industrial strategy. Draghi sees decarbonisation at its core. While some voices – especially on the far-right – portray the green transition as an existential threat to Europe’s industrial competitiveness, the report stresses that ambitious climate policy can and should unleash substantial industrial opportunities for the continent. 

Decarbonisation is indeed an opportunity for Europe to cut energy prices and to take the lead in clean technologies. To marry decarbonisation with technological leadership, Draghi puts forward a “joint plan for decarbonisation and competitiveness” that matches a new flagship initiative proposed by von der Leyen for 2024-2029 – the ‘Clean Industrial Deal’. This is aimed at further developing the under-addressed industrial aspects of the flagship initiative for the last five years, the European Green Deal. 

Draghi is very blunt about what’s at stake in this regard: Europe’s green strategy is premised on the creation of new green jobs, so its political sustainability could be jeopardised if decarbonisation leads instead to the de-industrialisation of Europe. 

Draghi’s plan has what any modern industrial policy should have: a combination of horizontal actions to set the right framework conditions for investment, and vertical actions to fix sector-specific issues. This also reflects a general principle underpinning the report – the EU’s need to focus on developing a competitive, open and innovative knowledge economy, while putting in place targeted interventions for those situations in which EU companies face asymmetries, such as different speeds of decarbonisation in Europe and around the world. 

The report sets out four main horizontal actions. First, there should full implementation of the EU single market along the lines envisaged in another report produced by a former Italian prime minister, April’s Letta report. Second, measures should be implemented to better coordinate industrial, competition and trade policies in order to avoid the pitfalls of internal incumbent favouritism and external protectionism. Third, measures are needed to mobilise the massive investments required, including new EU borrowing for European public goods, such as breakthrough innovation and cross-border electricity grids. Fourth, EU-level industrial policy coordination should be strengthened, to overcome the traditional fragmented approach that prevents the EU from achieving economies of scale and obtaining global leverage. 

On vertical policy actions, the report spotlights the key trade-off of decarbonisation versus competitiveness versus security. Textbook examples are Chinese solar panels and electric cars: while they are certainly good for European decarbonisation, they are also problematic for its competitiveness and security.  

To manage this difficult trade-off, Draghi suggests avoiding black-and-white solutions in the European context. Most notably, his report firmly rejects the temptation to emulate the United States approach of systematically shutting out Chinese clean technologies, which would make the European green transition more difficult and expensive. Instead, Draghi rightly suggests that Europe should deploy smart and technology-specific green industrial policies, tailored to the circumstances of each industrial sector. 

On solar panels, for instance, for which Europe has no strong comparative advantage, the report suggests keeping Europe’s doors open and basically free riding on the expensive manufacturing subsidies provided by the countries of origin, while diversifying suppliers to the greatest possible extent to maximise security. 

However, in industries such as wind turbines, on which Europe does have a strong comparative advantage, Draghi suggests that Europe ramp-up support, also introducing explicit minimum quotas for local products and components in public procurement. His report also stresses the need to make more use when necessary, of trade policy instruments – starting with tariffs – to ensure the level playing field. He stresses the need to deploy all possible tools to support and protect infant industries where Europe has an innovative edge and future growth potential. 

The detailed nature Draghi’s recommendations will be an authoritative basis for the European Commission to develop the Clean Industrial Deal. The EU already has the Net Zero Industry Act, a law aimed at supporting clean-tech manufacturing by addressing some of the barriers to the scaling-up of clean-tech companies. This represented a first step in the right direction and should be promptly implemented, but the Draghi report makes clear that much stronger actions, on both clean-tech manufacturing and on the decarbonisation of established energy-intensive industries, including steel, aluminium, cement and chemicals, are still required to ensure that Europe can efficiently combine decarbonisation and technological leadership. 

Simone Tagliapietra is a Senior Fellow at Bruegel. He is also a Professor of EU Energy and Climate Policy at The Johns Hopkins University – School of Advanced International Studies (SAIS) Europe. The article is also published on the blog of the Cyprus Economic Society.

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The 2025 Talent Crunch: Why Reskilling & Upskilling Are Top Priorities For Businesses

By Tim Mitchell, Head of Staff and Culture at Oxford Business College

As we enter 2025, businesses across a wide range of industries are confronting a pressing issue, a widening talent gap. Dubbed the “2025 Talent Crunch,” this phenomenon is marked by a shortage of workers equipped with the skills needed to thrive in an increasingly digitised and dynamic world. For higher education institutions and business leaders alike, reskilling and upskilling must take centre stage to address this urgent challenge.

The Roots of the Talent Crunch

Several factors have converged to create the talent crunch. First, rapid advancements in technology, particularly in areas such as artificial intelligence (AI), machine learning, and automation, are transforming job roles at an unprecedented pace. Traditional roles are being redefined or phased out altogether, while new roles require specialised skill sets that many workers currently lack.

Secondly, the global pandemic accelerated the adoption of remote work, digital tools, and innovative business models. These shifts highlighted the need for adaptability and technical proficiency, qualities not always found in the existing workforce.

Meanwhile, an ageing population in many regions further exacerbates the shortage of skilled workers, as baby boomers retire, and younger generations enter the workforce with varying levels of preparedness.

Finally, businesses themselves bear some responsibility. Decades of underinvestment in employee development have left many workers without access to the training they need to keep pace with industry changes. As a result, the talent pipeline has been slow to evolve alongside technological and market demands.

The Role of Higher Education in Bridging the Gap

Higher education institutions are uniquely positioned to play a pivotal role in addressing the talent crunch. Universities and colleges must pivot from their traditional models to embrace lifelong learning as a cornerstone of their mission. By aligning curricula with the skills most in demand, these institutions can equip students and mid-career professionals with the tools they need to succeed in the modern workforce.

1. Industry Collaboration

To remain relevant, higher education must deepen partnerships with businesses to ensure academic programmes reflect real-world needs. Initiatives such as co-op programmes, industry advisory boards, and internships help bridge the gap between theoretical knowledge and practical application. These collaborations also provide students with hands-on experience, making them job-ready upon graduation.

2. Micro credentials and Certification Programmes

Recognising that workers often require rapid skill acquisition rather than full degree programmes, universities are increasingly offering micro credentials and certificate courses. These short-term, flexible learning options focus on specific competencies, such as data analysis, coding, or project management, and can be completed alongside full-time work.

3. Flexible Learning Models

The rise of online and hybrid learning platforms enables institutions to reach a broader audience, including nontraditional students. By offering asynchronous courses, weekend programs, and self-paced learning modules, universities can make education accessible to working adults looking to reskill or upskill.

Why Businesses Must Prioritise Reskilling and Upskilling

For businesses, the talent crunch poses a direct threat to competitiveness. Those unable to fill critical roles risk falling behind their more agile peers. To mitigate this risk, organisations must take proactive steps to foster a culture of continuous learning. These steps can include:

1. Closing Skill Gaps

By investing in reskilling and upskilling programmes, businesses can ensure their existing workforce is equipped to meet evolving demands. Internal training programmes, mentorship initiatives, and partnerships with higher education institutions can accelerate skill development.

2. Retention and Employee Engagement

Offering opportunities for professional growth not only addresses skill shortages but also boosts employee morale and retention. Workers are more likely to stay with companies that demonstrate a commitment to their development.

3. Staying Ahead of Disruption

The pace of technological change shows no signs of slowing. Businesses that embrace continuous learning are better positioned to adapt to disruptions and seize new opportunities in emerging markets.

The Cost of Inaction

The 2025 Talent Crunch is a reality that businesses and higher education institutions must address today. Without action, companies risk reduced productivity, stagnation, and an inability to innovate, while higher education institutions risk irrelevance in an increasingly skills-driven economy.

Collaboration between higher education and industry will be essential to closing the talent gap and preparing the workforce for the future. By embracing innovative learning models and prioritising employee development, businesses and educational institutions alike can turn the challenges of the talent crunch into opportunities for growth and resilience.

About Oxford Business College (OBC):

Committed to helping people shape their futures, Oxford Business College has created a significant socioeconomic effect in the UK. Known for high academic standards and highly qualified staff, the College has 7000+ students from diverse backgrounds, orientations, and cultures. The college has expanded from one campus in Oxford to four cities, numerous campuses and partnerships with multiple UK universities including the University of West London, Ravensbourne University London, and Buckinghamshire New University. In 2022, OBC became the first independent business school in the UK to be a member of the Chartered Association of Business Schools (CABS).

The post The 2025 Talent Crunch: Why Reskilling & Upskilling Are Top Priorities For Businesses appeared first on Real Business.

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