The European Commission has unveiled a comprehensive plan to support and revitalize the European chemical industry amid rising energy costs and increasing competition from the United States and China. This initiative includes the establishment of a Critical Chemical Alliance aimed at securing supply chains and reducing regulatory burdens through the Chemicals Omnibus proposal, which simplifies and clarifies rules for chemicals, cosmetics, and fertilizers. The plan emphasizes investment in key industries to enhance security of supply, job creation, and resilience, exemplified by Europe's first rare earth magnet plant that will produce essential components for electric cars and wind turbines using global resources and local expertise. This sectoral action plan, the third following similar efforts in the automotive and steel industries, targets the chemical industry's role as a foundational sector critical to European industrial sovereignty, spanning applications from textiles to defense.