What follows is a summary of T&E’s report on a European response to the Inflation Reduction Act. The European Green Deal
A new report outlines how Europe can use its soft and financial powers to build a successful electric vehicle value chain.What follows is a summary of T&E’s report on a European response to the Inflation Reduction Act. The full report can be downloaded on this page.
But the US Inflation Reduction Act , launched in August 2022, has changed the rules of the industrial game and might make companies re-prioritise the current announcements in Europe towards the US. For EVs and batteries, the risk is that the projects — and therefore Europe’s ambition — gets delayed. For critical metals and their processing, where Europe is only starting to catch up, the risk is that investments would simply go elsewhere.
Even if not in the hundreds of billions, these sums are nonetheless substantial. The problem is not only the lack of money, but the complexity in getting it: the approval processes are often slow , bureaucratic and not bankable in the same way as the US IRA production credits are. E.g., the ask companies to prove their projects would not have been possible without such funding. In addition, many funding programs are annual and lack the long-term certainty needed.
Ultimately, the ESF should become the backbone of EU’s green industrial policy. There are clear benefits of joint borrowing from the standpoint of European governments. Given the different debt capacity of EU Member States, joint borrowing allows for the states in a more precarious financial situation to still access financial markets, so ensure best projects happen. Joint borrowing also provides better terms and conditions than what governments would be able to access on their own.
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