The EU Commission adopts revised guidance setting out the criteria to assess Important Projects of Common European Interest under EU State aid rules

In Short The Situation: The European Commission ("Commission") has adopted revised guidance setting out the criteria to assess Important Projects of Common European Interest ("IPCEI") under EU State aid rules ("Communication"). The Background: IPCEIs are cross-border projects that overcome "market failures" and enable "breakthrough innovation in key sectors and technologies and infrastructure investments, with positive spill-over effects for the EU economy at large." According to the Commission, the Communication reflects the EU's new key policy objectives of promoting green and digital transitions, as well as strengthening the EU's "open strategic autonomy" (i.e., increasing reliance on its own resources in key strategic areas, but cooperating with partners where necessary). Looking