German Chancellor Olaf Scholz and the Social Democratic Party (SPD) plan to urge European Union officials to create new financial instruments to help EU member states compete with the United States, which sends substantial subsidies to green technologies. writes about it Bloomberg.
The SPD drafted a European industrial strategy supported by the Chancellor. The document calls for reforms in existing state aid rules in the EU so that bloc member states with a more limited budget “do not lag behind in the race for green subsidies”.
“We need a European industrial investment initiative with a specific focus on future technologies, expanding the use of renewable energy sources and promoting industrial innovation,” the project says.
In the European Union, the agency says they doubt that the administration of President Joe Biden will make any major changes to the $370 billion green investment plan.
Former Belgian Prime Minister Alexander De Croo presented To introduce subsidies in response to US policy.
Source: Gazeta
Emma Matthew is a political analyst for “Social Bites”. With a keen understanding of the inner workings of government and a passion for politics, she provides insightful and informative coverage of the latest political developments.