In a letter addressed to the European Council President, Antonio Costa, ahead of the informal competitiveness summit this Thursday in Belgium, Calviño warned that EU companies face broad external dependencies, from raw materials to advanced technologies. She highlighted that China controls 90% of the solar inverter market, posing cybersecurity and energy dependence risks.
“"Chinese suppliers of solar inverters control more than 90% of the global market, which poses cybersecurity and strategic dependence risks."
To address this geoeconomic imbalance, the former Spanish Vice President calls for urgent and coordinated action to diversify suppliers, strengthen European industrial capacity, and maintain international commitments, especially in Africa. Furthermore, the EIB is preparing a specific financial support program for European solar inverter manufacturers.
Calviño also pointed out the need to mobilize capital markets, as 45% of European companies perceive financing as an obstacle, compared to 29% in the United States. She urged unlocking funds for new technologies, such as artificial intelligence, critical infrastructure, security, and defense, and maximizing the EU budget for the 2028-2034 period.
