EU's Green Deal
Europe beefs up Green Deal in response to Biden’s climate subsidies.
While there was praise for the U.S. effort to close the yawning gap on the Paris Agreement, there’s no doubt the bill has thrown down a gauntlet to Europe. EU leaders have shuttled back and forth for discussions with President Biden, and a joint taskforce is surveying the opportunities to finesse a bill that incentivises U.S.-based clean tech. But it’s clear that Europe has to find an answer to the challenge, which is already drawing investment decisions away from the continent.
This week the European Commission president, Ursula von der Leyen, set out more details of a Green Deal industrial plan to sharpen Europe’s competitiveness. The proposals aim to create a simpler regulatory framework, speed up access to finance, develop the skills needed for a green transition and promote global cooperation. They will be discussed by heads of government next week.