A New Phase: Between Ambition and Reality Industrial decarbonization in Europe is entering a new phase. The ambition remains high, the European Union still targets a 90 percent emissions reduction by 2040, but the path forward is becoming less linear. Policy negotiations are slowing. Competitiveness concerns dominate boardrooms. Investment appetite is tightening. Some observers now call for a “climate reset,” arguing for a more pragmatic approach; others dismiss the term as a