Stung by the Biden administration’s huge green subsidy program, the European Union unveiled plans for its own “Green Deal” to cut red tape and deliver tax breaks.
Stung by the Biden administration’s huge green subsidy program, the European Union unveiled plans for its own “Green Deal” Wednesday to cut red tape and deliver tax breaks. The Green Deal Industrial Plan will “enhance the competitiveness of Europe’s net-zero industry” by simplifying regulation, speeding up access to finance, enhancing skills and building “resilient” supply chains through new trade deals, the European Commission said in a statement.
Several EU officials criticized the Inflation Reduction Act at the World Economic Forum in Davos last month, leading to speculation that a tit-for-tat subsidy fight may be brewing. Speaking on a panel, Valdis Dombrovskis, the EU commissioner for trade, said that while the largest climate investment in US history was commendable, Europe’s “concern is that it is done in a discriminatory way.
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