EU must adapt state aid rules in face of US green subsidies, commission chief warns via IrishTimesBiz
US president Joe Biden has hailed the legislation as the most “aggressive action” his country has taken to confront the climate crisis. But European allies complain that measures such as tax credits and subsidies for products such as electric vehicles give US-based enterprises an unfair advantage and will lure EU industries to relocate.
“We are very careful to avoid distortions in our single market ... But we must also be responsive to the increasing global competition on clean tech,” Ms von der Leyen added. “If we see that investments in strategic sectors are leaking away from the European Union, this would only undermine the single market. And that is why we are now reflecting on how to simplify and adapt our state aid rules.”
While acknowledging the risk of a “subsidies race,” Ms von der Leyen said a trade war with the US was not in anyone’s interest, and that “competition and co-operation can be two faces of the same coin”. “There are tweaks that we can make that can fundamentally make it easier for European countries to participate or be on their own, but that still needs to be worked out,” the US president said.
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