UK to focus on existing strategies in response to Biden “protectionism.”
Biden’s landmark act — signed into law by the president exactly a year ago — provides nearly $400 billion in subsidies and tax credits in a bid to boost American manufacturing of green technology, such as electric vehicles and solar power.
The government is mulling changes which would see more generous payments to private sector firms through a different"strike price" in contracts, while also considering reforms which would force more of the supply chain in green energy projects to be based in the U.K. A government official — also granted anonymity to speak frankly to the press — confirmed that extending and reforming Contracts for Difference will play a"central part" in the U.K.'s response, adding that regulatory reforms could also be unveiled to unleash domestic investment.
"We’ve had a run of negativity from the U.K. government and press around whether net zero is worth it," she said. "However, a more ambitious CfD regime will not be sufficient to compete with the ambitious action taken by U.S., China and Europe," she said.
France Dernières Nouvelles, France Actualités
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