BRUSSELS, Feb. 26 (Xinhua) -- The European Commission on Wednesday unveiled the Clean Industrial Deal, a 100-billion-euro (105 billion U.S. dollars) initiative to accelerate the energy transition of the European Union's (EU) manufacturing amid the global clean tech race and rising energy costs.

"We know that too many obstacles still stand in the way of our European companies, from high energy prices to excessive regulatory burden," European Commission President Ursula von der Leyen said in a statement, emphasizing that the deal seeks to remove barriers hindering EU businesses.

A key initiative in von der Leyen's 2024-2029 political guidelines, the Clean Industrial Deal has been designated as a priority for the new European Commission's first 100 days. It focuses on energy-intensive industries struggling with high costs and clean technologies crucial for industrial transformation and economic growth.

As part of efforts to lower energy costs, the European Commission also proposed an action plan for affordable energy on Wednesday, which is integral to the Clean Industrial Deal. The plan aims to save EU consumers and businesses 260 billion euros annually by 2040.

The action plan proposes lowering national electricity taxes, enhancing oversight of the EU gas market, and strengthening cooperation with reliable liquefied natural gas suppliers to secure cost-competitive imports. (1 euro = 1.05 U.S. dollar) Enditem

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