EU Unveils a Green Investment Plan to Compete With US and China
- The plan is a response to Biden’s Inflation Reduction Act
- Proposal would loosen state-aid rules to boost investment
Ursula von der Leyen in Brussels, Belgium, on Feb. 1.
Photographer: John Thys/AFP/Getty Images
This article is for subscribers only.
The European Union unveiled a roadmap for how it plans to keep its industries competitive as the bloc tries to catch up to the US and China, which offer huge subsidies to domestic green technologies.
The European Commission wants to use its Green Deal Industrial Plan to boost national support for companies through investment aid and tax credits, while also tapping into common European funds to underwrite important projects involving sectors such as hydrogen and quantum computing, according to the proposal presented on Wednesday.