Latest Climate Agenda business news Read in browser Climate News Sustainable Scotland | Sign In EU to tackle "distortions" caused by US incentives for green tech President of the European Commission, Ursula von der Leyen has said competition between the EU and US to deliver the clean technologies o
Latest Climate Agenda business news | | | | | | |
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EU to tackle "distortions" caused by US incentives for green tech | |
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| | President of the European Commission, Ursula von der Leyen has said competition between the EU and US to deliver the clean technologies of tomorrow must be "a race to the top".
In comments delivered in response to Washington's $430bn Inflation Reduction Act (IRA) - which offers tax credits for components manufacturered in North America - Ms von der Leyen said the new law could disrupt Europe's "clean tech base" by redirecting investment to the US.
At a speech to the College of Europe in Bruges, she said: "There is a risk that the IRA can lead to unfair competition, could close markets, and fragment the very same critical supply chains that have already been tested by Covid-19. We need to look at these issues closely – and at the same time learn what we could also do better."
The answer, Ms von der Leyen suggested, is to adjust EU rules to allow for public investments into energy transition and said state aid was a "tried and tested tool here in Europe".
US President Joe Biden has called the IRA the "largest investment in climate change in all of history" and responded to the EU concerns by saying: "I never intended to exclude folks who were cooperating with us. That was not the intention." The IRA is a major development in the transatlantic green energy sector - imapcting everything from electric vehicles to the tiny components used in them. And President's Biden's hint at future "tweaks" to the package will intrigue producers. | |
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| | | It's been a good week for the Scottish automotive industry, which has turned a corner thanks to the launch of Munro Vehicles - the country's only volume production car company, making all-electric 4x4s.
Scottish Business Insider's Peter Walker was at the unveiling of the Munro MK_1 - the four door off-roader powered by a 371hp electric motor and already attracting orders from as far afield as Dubai, Switzerland and St Lucia.
Initially, 50 vehicles will be manufacturer next year, before the company transitions to a new purpose-built site near Glasgow in 2024 where 250 vehicles will be produced per year and ambitions to deliver 2,500 annually by 2027. Read Peter's story here.
And another Glasgow manufacturer - HVS - has been awarded £30m funding to support its efforts to create a hydrogen fuel cell that could be used on heavy goods vehicles.
Last month, the company unveiled a demonstrator model and its chief has said it will now "create thousands of UK-based jobs". There's more on the story here.
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