In Belgium, over 1,300 executives from various European industrial organizations have publicly called for a reduction in energy prices and carbon costs to safeguard the competitiveness of the region's industries. This significant plea occurred during high-level talks aimed at industrial revival on February 10, 2026. The executives have expressed urgent concerns that the soaring energy costs, currently between €80-100 per MWh, hinder their global competitiveness. They have demanded that prices revert to the pre-2021 level of €44 per MWh immediately, citing not just commodity prices but also regulatory charges as contributing factors. The backdrop to these urgent demands includes the increasing energy prices in Europe largely resulting from sanctions placed on Russia following the Ukraine conflict in 2022. European Commission President Ursula von der Leyen addressed the European Industry Summit, claiming that the EU is well-positioned to lower costs through planned infrastructure improvements, such as enhancing the electric grid and expanding offshore wind projects. However, industry executives argue that these changes will take time and that immediate action is essential for survival. In recent years, the chemical industry, in particular, has been severely impacted, with reports indicating that over 20 major chemical plants have shut down since 2023, threatening around 30,000 jobs. Additionally, investments within the sector plummeted by over 80% in 2025. Observers in the industry have noted that companies are beginning to shift their operations elsewhere; for instance, the German chemical giant BASF has made its largest-ever investment in China, further exacerbating fears of industry decline in Europe. Concerns about the EU’s competitiveness come as the bloc has pursued a strategy to lessen reliance on Russian energy by replacing it with more expensive liquid natural gas (LNG) imports from the United States, while simultaneously accelerating the transition to renewable energy sources. The carbon pricing system in the EU currently poses an additional burden, with costs around €80 per tonne compared to significantly lower rates in nations like China and South Korea. Without amendments to these regulations and energy prices, industry leaders fear that Europe's competitive edge will be lost, as articulated by industry voices such as Peter Huntsman, the CEO of Huntsman Chemical, who insisted that the sector does not have ten years left to wait for improvements.