BRUSSELS – The European Commission has proposed allowing increased levels of state aid so that Europe can compete with the United States as a manufacturing hub for electric vehicles and other green products, and reduce its dependence on China.
European Commission chief Ursula von der Leyen on Wednesday announced, as part of the plan, a repurposing of existing EU funds, faster approval for green projects and drives to boost skills and to seal trade agreements to secure supplies of critical raw materials.
This is partly a response to multibillion-dollar support programmes of China and the US, including the latter’s Inflation Reduction Act.
“Major economies are rightly stepping up investment in net-zero industries,” Dr von der Leyen told a news conference.
“What we are looking at is that we have a global playing field.”
Many EU leaders are also concerned that the local content requirements of the US$369 billion (S$482 billion) of green subsidies in the US legislation will encourage companies to relocate, making the US a leader in green tech at Europe’s expense.
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