The European Union must develop a comprehensive policy framework to deliver on its long-term climate, social and economic objectives, while preserving the competitiveness of its industry through securing a level playing field for its industries facing international competition from third-country players that do not follow similarly ambitious climate goals. A new industrial policy must be based on a solid industrial governance structure that allows to monitor the strategy’s implementation on a strategic level comprising a set of target-driven, appropriate and future-proof indicators. In addition, industrial policy mainstreaming has to be implemented throughout European policymaking processes to limit potential negative impact by new legislation on competitiveness and to reduce possible new bureaucratic costs.