(MENAFN) Europe must react to talk over “distortions” made by Washington’s multibillion-dollar strategy to improve climate-friendly technologies in the US, the leader of the European Commission made a statement on Sunday.
Ursula von der Leyen stated the US’ Inflation Reduction Act (IRA) is an “investment plan of roughly USD369 billion to build up a new industrial ecosystem in strategic clean energy sectors.”
“There is a risk that the IRA can lead to unfair competition, could close markets, and fragment the very same critical supply chains that have already been tested by COVID-19,” she announced while addressing at the College of Europe in the Belgian city of Bruges.
“We must take action to rebalance the playing field where the IRA or other measures create distortions. In other words: We need to do our homework in Europe and at the same time work with the US to mitigate competitive disadvantages.”
Von der Leyen added the epidemic and the fallout of the Ukraine conflict, chiefly the 80 percent reduction in Russian gas deliveries, affected on “the competitiveness of many European industries – especially energy intensive sectors.”
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