How the EU Commission’s second-in-command plans to take on Big Tech, Big Oil and Beijing

EU Commission Vice President Teresa Ribera proposed several ambitious ideas in her recent interview with POLITICO, aiming to tackle big corporations and climate change. Climate change remains her top priority, as she frequently referred to the recent extreme weather events in Europe. Ribera believes that investing in renewable energy sources could help reduce the future costs of climate-related damages, as investments in curbing climate change are proving to be lower-cost solutions.

The Commission is considering a proposal to tax Big Oil to fund climate protection measures. Ribera believes that a proper budget should be established to support these efforts, possibly through a windfall tax on fossil fuel companies. Additionally, she emphasized the need for Big Tech companies to invest in renewable energy sources for powering their extensive data centers. Spanish government's draft decree, requiring data centers to source 80% of their electricity from new wind and solar power, serves as a good example.

In the realm of Big Tech, Ribera wants a consistent approach regarding antitrust regulations, especially when dealing with Google. Although she is open to suggestions, she is firm in upholding EU laws. Regarding China, Ribera supports a balanced approach of dialogue and trade measures, while maintaining hard positions on protecting European industries.