“Europe must bring down high energy prices while continuing to decarbonise and shift to a circular economy”. This is a core message of Mario Draghi’s report on European competitiveness. Decarbonisation is seen as an opportunity to improve the resilience of Europe’s economy, but Draghi also warns of continued energy price volatility, higher investment costs and Chinese competition. Some months earlier, Enrico Letta called for a much deeper integration of the single market, not least via the finalisation of the Capital Markets Union. It is now clear to all that Europe needs a comprehensive industrial strategy encompassing the energy sector, the clean tech sector, but also basic industries such as steel, chemicals, and cement that so far did not receive sufficient attention. Commission President von der Leyen announced that a Clean Industrial Deal will be presented during the first 100 days of her second mandate. This paper focuses on three core issues such a Clean Industrial Deal must address.