The EU is preparing to take on President Joe Biden’s showpiece legislation, which has turbocharged green investment in the US, by loosening restrictions on subsidies in Europe and accelerating permits for new projects.
Ursula von der Leyen told chief executives at the World Economic Forum in Davos that Brussels would temporarily water down state aid regulations and pump cash into strategic climate-friendly businesses, as it sought to counter Biden’s $369bn green subsidy package.
“To keep European industry attractive, there is a need to be competitive with offers and incentives that are currently available outside the European Union,” the European Commission president said.
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