“We can build a green bridge across the Atlantic”, “build common green markets”, argued Germany’s economy minister
Robert Habeck, Germany’s economy minister, called for cooperation on green investment between the European Union and the United States ahead of meetings with his US counterpart Janet Yellen and other officials in Washington on Tuesday.
“We can build a green bridge across the Atlantic,” “build common green markets,” argued Mr. Habeck, according to a press release released yesterday by his services, ahead of his meetings in the US, in which he is also expected to participate his French counterpart Bruno Le Maire.
Last Saturday, the Reuters news agency reported, citing French officials, that Messrs. Hambeck and Lemaire will push the US government not to seek to siphon off green investment from Europe, amid European concerns about US subsidies and aid to green technologies.
Under the Inflation Reduction Act (IRA), President Joe Biden’s administration will provide billions of dollars in aid and subsidies to various green technologies, from electric cars to solar panels, provided they are produced in the US.
“The US is now shifting its economy to green markets and promoting cost reductions in the development of environmentally friendly technologies,” noted Mr. Hambeck.
“This is good, but it is important that it is done with friendly and fair competition and leads to progress in environmentally friendly technologies,” he added.
Governments of EU member states are concerned that the IRA will not only mean that European manufacturers will face an unfair competitive disadvantage, but also that it will shift investment to America that would otherwise be made in Europe. They are expected to seek exemptions when the US implements its plans.
In addition to Ms Yellen, Robert Habeck and Bruno Le Maire will also hold talks with US Trade Representative (USTR) Kathryn Tye and Trade Minister Gina Raimondo, according to the German Economy Ministry statement.
The talks will focus on the US aid package and, more broadly, bilateral trade relations with the EU in the future.
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