Climate love

Tabitha Kimani

20 w

European Union

Climate love

Davos 2023: EU to counter game changing U.S. climate move with own law


DAVOS, Switzerland, Jan 17 (Reuters) - The European Union responded on Tuesday to U.S. moves to boost its energy transition with plans to make life easier for the bloc's green industry, saying it would mobilize state aid and a fund to keep firms from moving to the United States.
European Commission head Ursula von der Leyen told the World Economic Forum (WEF) annual meeting in Davos that the moves would be part of the EU's Green Deal industrial plan to make Europe a centre for clean technology and innovation.
"To help make this happen, we will put forward a new Net-Zero Industry Act," she said. "The aim will be to focus investment on strategic projects along the entire supply chain. We will especially look at how to simplify and fast-track permitting for new clean tech production sites," she said.
"To keep European industry attractive, there is a need to be competitive with the offers and incentives that are currently available outside the EU," von der Leyen added.
Earlier, International Energy Agency (IEA) executive director Fatih Birol told a WEF panel that energy security was now the biggest driver of climate investment, as countries seek to ensure their supplies.

Birol said the U.S. Inflation Reduction Act (IRA), which was signed by President Joe Biden last year, would drive investment into cleaner energy and represented the most important climate deal since the landmark 2015 Paris Agreement.




Davos 2023: EU to counter game changing U.S. climate move with own law

The European Union responded on Tuesday to U.S. moves to boost its energy transition with plans to make life easier for the bloc's green industry, saying it would mobilize state aid and a fund to keep firms from moving to the United States.

https://www.reuters.com/business/sustainable-business/davos-iea-director-says-inflation-reduction-act-is-new-climate-accord-2023-01-17/?rpc=401&




Do you agree?

117 more agrees trigger scaled up advertising

  • We Don't Have Time

    12 w

    Dear Tabitha Kimani Thank you for getting your climate love to level 2! We have reached out to European Commission and requested a response. I will keep you updated on any progress! /Adam We Don't Have Time

    1
    • Anon.org

      20 w

      🇺🇸💚 #Transition 💚🇪🇺

      • Mercy Munyiri

        20 w

        Great

        • Muhammad Fahd Khan

          20 w

          Yes!

          • Tabitha Kimani

            20 w

            Go ahead and implement.

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