![]() The bill initially attracted widespread praise, with many describing it as a landmark moment for climate action in the world’s second-highest emitting country. The IRA contains $369bn for climate measures such as tax breaks for low-carbon energy and electric vehicles. Why has the EU produced a Green Deal Industrial Plan?īack in August 2022, US president Joe Biden made history by passing the largest package of domestic climate measures ever under the Inflation Reduction Act (IRA). In this Q&A, Carbon Brief examines all of the proposals that together make up the EU’s Green Deal Industrial Plan.Īll of the proposals must now be discussed and agreed by the European Parliament and the EU Council before they can enter into force. The commission has framed all of these proposals as a key part of its ambition to achieve net-zero emissions by 2050. However, concerns remain over how member states and businesses will finance such a major industrial transition.Ī reform of the EU’s electricity market design has also been released, which the commission says will help Europeans benefit from the expansion of cheap renewable power. To help fund these activities, the commission has loosened rules around the money that governments can hand out to low-carbon companies – potentially paving the way for a subsidy race with other nations. ![]() It also calls for the bloc to ramp up production of “ critical raw materials” for the low-carbon economy. In order to take on these rivals, the commission says EU member states need to cut “red tape”, end “excessive” bureaucracy and fast-track net-zero projects. ![]() ![]() It is an explicit response to China’s dominance in the sector and the wave of low-carbon subsidies announced in the US Inflation Reduction Act last year. The European Commission has set out a series of proposed targets and reforms that collectively make up its Gr e en Deal Industrial Plan. At least 40% of the EU’s low-carbon technologies – from solar panels to heat pumps – will need to be made within its borders by 2030 under new plans. ![]()
0 Comments
Leave a Reply. |