TIMES.KY

Cayman Islands, Caribbeanand International News
Tuesday, Oct 08, 2024

France hits back at America with green industry plan

France hits back at America with green industry plan

France wants to stop lavish US subsidies from encouraging European industry to invest in America instead of the EU.
French Economy Minister Bruno Le Maire hit back at America’s multi-billion dollar green subsidies package on Wednesday by announcing Paris’s own wide-ranging raft of incentives to shore up green industries in France.

Fury has been building in Europe after it became clear that U.S. President Joe Biden’s Inflation Reduction Act — a $369 billion package for green industry — could drain investment out of the EU and into the U.S. Big car-making nations like France and Germany complained that the U.S. law was potentially illegal for discriminating against foreign companies in the electric vehicle sector and encouraging consumers to “Buy American.”

Le Maire’s move is France’s counter-strike to prevent the flight of industry out of Europe — a fear that has only been compounded by the fact the EU is facing far higher energy costs than the U.S., partly because of the war in Ukraine.

During a state visit to the U.S. in December, French President Emmanuel Macron said the U.S. green subsidies were “super aggressive” and made the case that European allies should receive the same treatment as American companies.

While the U.S. has made some concessions on tax credits for electric cars, France has argued these are insufficient and the EU needs to roll out its own subsidies package.

In the meantime, the government is looking to press ahead with its own national scheme.

On Wednesday, Le Maire said the new bill would include a wide range of incentives to encourage green industries to stay or bring back production plants to France.

“In the coming days, I will propose a bill on green industries … that will include tax, regulation and legislative measures to accelerate the installation of industrial sites in France,” said Le Maire during an interview on French radio France Inter.

France is hoping to accelerate its own national response in several areas such as “green hydrogen, electrolysis, electric batteries production, nuclear energy and renewable energies,” according to Le Maire.

“Let’s take advantage of this moment … to become the leading decarbonized nation in Europe,” he said. No figures however have yet been announced.

On Wednesday, Le Maire also said he and his German counterpart Robert Habeck were pushing to get EU partners to adopt “a European Inflation Reduction Act” which would include “bigger, swifter and more simplified subsidies” for green industries.

EU leaders have so far agreed to ask the European Commission to come up with proposals to make the bloc more competitive in the face of the green subsidy spurge in the U.S. These are expected to be discussed at a European Council summit in February.
Newsletter

Related Articles

TIMES.KY
0:00
0:00
Close
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Israel: Unprecedented Civil Disobedience Looms as IDF Reservists Protest Judiciary Reform
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
Europe is boiling: Extreme Weather Conditions Prevail Across the Continent
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Italian Court's Controversial Ruling on Sexual Harassment Ignites Uproar
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
BBC Personalities Rebuke Accusations Amidst Scandal Involving Teen Exploitation
A Swift Disappointment: Why Is Taylor Swift Bypassing Canada on Her Global Tour?
Historic Moment: Edgars Rinkevics, EU's First Openly Gay Head of State, Takes Office as Latvia's President
Bye bye democracy, human rights, freedom: French Cops Can Now Secretly Activate Phone Cameras, Microphones And GPS To Spy On Citizens
The Poor Man With Money, Mark Zuckerberg, Unveils Twitter Replica with Heavy-Handed Censorship: A New Low in Innovation?
Unilever Plummets in a $2.5 Billion Free Fall, to begin with: A Reckoning for Misuse of Corporate Power Against National Interest
Beyond the Blame Game: The Need for Nuanced Perspectives on America's Complex Reality
Twitter Targets Meta: A Tangle of Trade Secrets and Copycat Culture
The Double-Edged Sword of AI: AI is linked to layoffs in industry that created it
US Sanctions on China's Chip Industry Backfire, Prompting Self-Inflicted Blowback
Meta Copy Twitter with New App, Threads
The New French Revolution
BlackRock Bitcoin ETF Application Refiled, Naming Coinbase as ‘Surveillance-Sharing’ Partner
×