European industry is central when it comes to achieving the twin green and digital transition of the EU's economy and society, and making Europe the first climate-neutral continent by 2050. While European industry has strengths (for instance in green tech), it has lagged behind in some key strategic sectors. Common weaknesses in strategic European industrial sectors include high dependency on critical raw materials – for instance around half of the materials needed in aircraft production come from third countries. Other weaknesses are insufficient research and development funding, technology gaps, market fragmentation, underinvestment, and lack of skills. The pandemic has, meanwhile, highlighted the broader vulnerabilities of global supply chains. #FutureShocks2022