At the Cabinet of Ministers meeting on 20 January, the Ministry of Economics' draft plan “Latvia's sustainable energy technology development plan through to 2035” was approved. Its purpose is to set out the courses of action required and the priority measures for promoting the country's economic development, by enhancing the ability of Latvian industry to use net-zero emission technologies for the development of manufacturing.

The plan also covers the achievement of productivity and climate targets, while at the same time using sustainable energy technologies to decarbonise existing Latvian industry.

The plan consists of three mutually integrated strands: the development of manufacturing for sustainable energy technologies (or climate-neutral technologies), the greening of the industrial sector, the use of climate-neutral technologies in Latvian industry, and the creation of an ecosystem for green hydrogen production.

In each of these three courses of action, the Ministry of Economics envisages cooperation with businesses and the parties involved, drawing on work already in place, such as the Coordination Council for Large and Strategically Significant Investment Projects and the use of the green corridor principle.

“Our aim is to develop Latvia into a sustainable energy technology hub in the Baltic region, thereby attracting strategic investment and strengthening the country's competitiveness. Modernising industry, attracting investment and sustainable development also contribute to national security – both indirectly, by securing the protection of investments, and directly, by integrating these technologies into the defence sector,” emphasises Minister for Economics Viktors Valainis.

By promoting the manufacture of sustainable energy technologies and investment in this field, Latvia can foster economic growth and meet its international commitments in both the medium and the longer term, as well as making its own contribution to Europe's climate-neutral reindustrialisation. By developing the manufacture of these technologies, Latvia can strengthen its position in the EU and on the international market, increase its export volumes, and also raise the level of innovation and create new jobs in sectors with high added value.