Gentiloni does not expect any resistance from the member states to his plans.
(Photo: Bloomberg)
Brussels, Berlin The EU Commission is making a new attempt to promote green technologies – and is campaigning for new community debt. Economic Commissioner Paolo Gentiloni explained in an interview with the Handelsblatt and other European newspapers on Monday why the EU must step up its competition with the USA for future investments.
“The American Inflation Reduction Act (IRA) exacerbates the competitive disadvantage that Europe already has because of the Ukraine war,” said Gentiloni.
“The high energy prices are hitting the EU states much harder than the USA.” In addition, there are now investment incentives for high-growth companies in areas such as e-mobility and renewable energies. There is a danger “that European companies will migrate to the USA”.
The Inflation Reduction Act (IRA) came into force at the beginning of the year. The US law supports green technologies with $370 billion in tax rebates and subsidies.
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