From Breakingviews: A green subsidy race may be what the world needs, writes Hugodixon
The plan risks undermining the EU’s single market as hardly any of the money will come in the form of grants from EU programmes. Governments with relatively little debt such as Germany will be in a better position to subsidise local companies than highly indebted ones such as Italy. Indeed, that was the experience when the EU relaxed state aid rules following Russia’s invasion of Ukraine.
In this sense, it’s a mistake to think that investment in green technology is a zero-sum game. It’s possible – and indeed necessary – to have lots more investment everywhere.Nevertheless, as the elephants distribute their subsidies, the risk is that they trample smaller countries which rightly want their people to have good employment opportunities in the industries of the future, as well as cheap products. So it is important to ensure as much fair play as possible.
America is already negotiating some changes in the IRA rules with the EU. These should be more ambitious than the “” President Biden has spoken of, and welcome other friendly countries such as the United Kingdom, Japan and South Korea into the tent. America and the EU could also make a bold offer to countries in the Global South. Rich nations already have a plan toemerging countries such as Indonesia decarbonise their economies rapidly. Transferring some of the technology backed by their subsidies and opening up trade opportunities as part of the friendshoring push would further speed the process.
France Dernières Nouvelles, France Actualités
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