There Is A Heated Competition Between The EU And The US For Electric Cars - Texas Today

In order to keep up with the US, the European Commission has devised a plan to try to speed up the production of electric cars and projects that use renewable energy.

The plan calls for green businesses to have easier access to funding and less complicated rules.

It would also relax rules about state aid.

The move comes after the US said it would spend a lot of money on technologies that are good for the environment, such as giving incentives for electric cars made in the US.

The International Energy Agency forecasts that by 2030, the global market for mass-produced clean energy will triple to about $650 billion (£528 billion), and the number of manufacturing jobs related to this will double.

European leaders are worried that the $369 billion in investments the US approved last year will hurt Europe’s economy as the industry grows and encourage businesses to move to the US.

In the UK, Grant Shapps, in charge of business, said last month that the green subsidies could be the start of a “dangerous” slide toward protectionism.

Even though there has been criticism, including claims that the US is breaking free trade rules, the White House hasn’t shown much interest in changing its plans, which US President Joe Biden has said are the key to re-establishing the economy.

The European Commission’s Green Deal Industrial Plan calls for reforming the bloc’s electricity market, working on other free trade agreements, easing rules on state aid, and letting bigger projects get help without going through extra approval steps.

But it will be hard to make the program so that big economies like France and Germany feel like they will benefit only some of the changes…Read more

Source — Texas Today