BRUSSELS - European Union leaders agreed on Friday they should allow “targeted, temporary and proportionate” support to ensure Europe’s future as a manufacturing base for green tech products and counter US and Chinese competition.
EU leaders have expressed concern that local content requirements of much of the US$369 billion of subsidies in the IRA have will encourage companies to abandon Europe for the United States.that talks between the transatlantic partners could limit discrimination against companies based in Europe. The International Energy Agency estimates the global market for mass-produced clean energy technologies will triple to US$650 billion a year by 2030.
The Commission is set to propose a Net-Zero Industry Act to speed up permits for green projects and a Critical Raw Materials Act to boost recycling and diversify sourcing to be less reliant on Chinese processors.