12/04/2022 3:15 pm (act. 12/04/2022 5:14 pm)
Von der Leyen: US program demands change of course in Europe ©APA/AFP
According to European Commission President Ursula von der Leyen, the US multi-billion dollar program to promote climate-friendly technologies in America requires a shift in investment policy in Europe.
To cushion the competitive disadvantages, EU regulations for public investment would have to be relaxed, the German said Sunday in a speech at the College of Europe in Bruges.
“Aspects of Concern”
It also needed to reassess the need for European funding to promote clean technologies and continue to work with the US to address some of “the most worrying aspects” of the US investment program.
The US program, officially called the Inflation Reduction Act (IRA), is an approximately $369 billion investment plan designed to build a new industrial ecosystem in strategic clean energy sectors. Subsidies and tax credits are tied to companies that use US products or manufacture in the US.