America will become a world leader in the energy transition. That promise was made by US Energy Secretary Jennifer Granholm. In his view, President Joe Biden’s administration has “created a very attractive investment landscape for new energy and low-carbon technologies.”
The United States is committing hundreds of billions of dollars, including grants, loans and tax credits, to drive the country’s energy transition. That money, for example, goes to technological advances in the context of climate-friendly transportation and sustainability. This makes America “unstoppable” to investors and foreign companies, Granholm argues.
He admits, however, that the EU is not happy with the policy. “Let’s say corporations want it, big government doesn’t,” Granholm said. The European Union says the Inflationary Reduction Act (IRA), which offers many benefits to companies, would give US industry an unfair competitive advantage. In response to the IRA, EU leaders already decided last month to temporarily relax European state aid rules.
Granholm calls on countries around the world to “stimulate clean energy production in your country as well.” He welcomed competition between the EU and the US because “a little friendly competition” would ultimately green the economy. “We will continue to work with our allies,” said Granholm, adding that he did not want to provoke a trade war.
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