The European Union will put more than $270 billion toward its own “green deal” in hopes of keeping competitive with the United States and China.
Many observers saw the move as a direct reaction to the Biden administration’s generous round of green subsidies, part of the Inflation Reduction Act.
European Commission president Ursula von der Leyen made the announcement Wednesday, calling the series of proposals The Green Deal Industrial Plan.
“We know that in the next years, the shape of the economy, the net-zero economy, and where it is located will be decided,” said von der Leyen in a news conference in Brussels. “And we want to be an important part of this net-zero industry that we need globally.”
The Green Deal Industrial Plan would, according to the European Commission, focus on simplifying regulation to help get proposed green projects running quicker, speeding up access to investment and funding, developing programs to train skilled workers in specific industries, a... Read more