Consider the following statements: Statement-I : The European Parliament approved The Net-Zero Industry Act recently. Statement-II: The European Union intends to achieve carbon neutrality by 2040 and therefore aims to develop all of its own clean technology by that time. Which one of the following is correct in respect of the above statements?
Explanation
The Assertion is Correct: The European Parliament officially approved the Net-Zero Industry Act in April 2024 to scale up the manufacturing of clean technologies within the EU.
The Reason is Incorrect: The European Union's target for achieving carbon neutrality is 2050 (as per the European Climate Law), not 2040, and the Act sets a target to meet 40% of its clean technology needs by 2030 rather than developing all of its own technology by 2040.
Statement-II is factually incorrect and therefore does not explain Statement-I.