Executives from the likes of Volkswagen AG and Ericsson AB are calling on the European Union to remove cumbersome bureaucracy that’s putting the region at risk of falling behind in the intensifying race to attract clean-energy investments.

Europe’s efforts to clean up its economy have come under threat in recent weeks, with nations including Germany and France watering down climate-protection measures or warning they may deter investors. The so-called CEO Alliance, which also includes leaders from truckmaker Scania and industrial manufacturer ABB Ltd., instead wants Brussels to accelerate the shift.

“It is crucial that EU policymakers keep making green targets a priority,” the group said in a letter distributed to reporters. “Lengthy and complicated processes delay or even risk the deployment of charging infrastructure for battery-electric vehicles, construction of battery plants and other green industry installations.”

Europe is rebuilding its industrial base as the US is luring investors with generous tax credits to accelerate renewable-energy development. The Inflation Reduction Act’s focus on spurring American industry angered trade partners from Asia and Europe who saw it cutting them out of the US market, particularly for electric cars.

Members of the CEO Alliance met Wednesday in Sweden for a discussion with EU Antitrust Commissioner Margrethe Vestager. They cited the need for a resilient carbon-free energy system, better access to funding and swifter digitalization.

Read more: EU Wants to Attract Clean Tech: Here’s What You Need to Know

The CEO Alliance said a combination of public procurement measures and funding in the form of direct grants, tax credits, loans and financial guarantees are needed to bridge Europe’s investment gap, especially for smaller companies. The group supports the Net Zero Industry Act — the EU’s answer to the IRA — as a means to attract clean-tech investments.

It also mentioned the need for improved availability of renewable electricity and “proper” carbon pricing to stimulate more private-sector spending.

The CEO Alliance was set up in 2020 with a goal to make the EU the leading region for climate protection while unlocking investments and protecting jobs.