The EU is investing billions into becoming a green energy superpower. But Washington’s Inflation Reduction Act means it’s the U.S. reaping the rewards.
from U.S. allies on the continent. The administration counters that flooding the market with U.S. government funding is increasing the odds of success for companies on both sides of the Atlantic.
In Europe, the official added, businesses have to go through a “tendering process” in which government agencies assess companies’ proposals on their merits, with separate pots of money available for national and EU-level funds. But to get U.S. subsidies, “they just have to meet certain requirements. That’s attractive for industry.”
“The U.S. is now leading the way” in overall clean tech investment, she said in an interview, echoing the Nel CEO’s assessment. On a recent business trip to Europe, she went on, it was apparent that “not everyone is happy” about that perception. “The IRA set the bar higher for Europe to think about how they can up their own ambition. It’s having this effect where it’s the U.S. spurring Europe,” he said.
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