Skip to comments.EU aims to simplify tax credits to counteract US green subsidies
Posted on 02/01/2023 2:19:51 AM PST by Olog-hai
The European Union is set to propose a plan to counteract the US $369 billion [€339 billion] Inflation Reduction Act on Wednesday (1 February), with looser state-aid rules for tax credits in green investments.
The EU Commission has drafted plans to simplify and speed up companies’ access to tax credits in an effort to prevent companies from leaving the EU.
Large wind and solar developers have criticized the EU funding regime for being too complicated and have pointed out that tax incentives in the US trigger automatically, making them more attractive.
To address this, the commission has built a plan to simplify rules allowing speedier approvals for projects of common European interest. It also suggests setting hard targets for green industrial capacity by 2030, creating a clearer sense of direction.
According to the commission, the industrial sector needs to invest €170 billion by 2030 in manufacturing plants to produce solar, wind, batteries, heat pumps, and green hydrogen. […]
Part of the plan is to increase the threshold of the so-called “block exemption”, making it easier for governments to subsidize hydrogen production, carbon capture technology, energy efficiency and electrification of transport.
The move, however, could raise controversy within the EU as wealthier countries such as Germany could end up outspending fiscally-stretched countries in the south. …
(Excerpt) Read more at euobserver.com ...
The Left can't even figure out which bathroom to use. Why do we think they would be correct about climate change?;-)
Call it what it is: money laundering.
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