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Why is an update of the 2020 New Industrial Strategy needed? On 10 March 2020, the Commission laid the foundations for an industrial policy that would support the twin transitions to a green and digital economy, make EU industry more competitive globally, and enhance Europe s open strategic autonomy. One day after, the World Health Organisation declared COVID-19 a pandemic. This update neither replaces the 2020 Industrial Strategy nor completes the processes launched by it - much of that work is in progress, and requires dedicated efforts. This is a targeted update, which focuses on what more needs to be done and what lessons need to be learned. Today s targeted update of the Industrial Strategy reflects the need to take full account of the new circumstances following the COVID-19 crisis that accelerated existing trends, in order to speed up recovery and ensure Europe s leadership in green and digital technologies.

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