Von der Leyen warns of European industry loss, urges energy investment surge

European Commission President Ursula von der Leyen admitted that without decisive action, Europe risks losing its industrial base, and called for accelerated investment in electricity, renewables, nuclear, grids, and storage. She cited the Strait of Hormuz crisis as having already cost Europe an extra €90 billion in imported fossil fuels, underscoring the urgency of energy transition and diversification.