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?

The correct option is: Statement-I is correct, but Statement-II is incorrect.

Explanation of Statement-I:
Statement-I is correct. The European Parliament formally approved the Net-Zero Industry Act (NZIA) in April 2024. The act is a key initiative under the European Green Deal, designed to scale up the manufacturing of clean technologies within the European Union (EU) and ensure the bloc is well-equipped for the clean energy transition.

Explanation of Statement-II:
Statement-II is incorrect. Under the European Climate Law, the European Union's legally binding target is to achieve climate neutrality (net-zero greenhouse gas emissions) by 2050, not 2040 (though there is a proposed intermediate target for 2040, climate neutrality is set for 2050).
Additionally, the EU does not aim to develop "all" of its own clean technology. Instead, the Net-Zero Industry Act sets a target for the EU to produce at least 40% of its annual deployment needs for strategic net-zero technologies (such as solar photovoltaic, wind, batteries, and heat pumps) within the EU by 2030, rather than aiming for complete self-sufficiency (100%) or developing all clean technologies domestically by 2040.