CERAWEEK-US clean energy 'carrots' could put Europe behind in decarbonization race, execs say

Billions of dollars in clean energy incentives are poised to speed investment on American soil while putting the European Union's energy transition at risk. U.S. Energy Secretary Jennifer Granholm challenged EU allies to follow the U.S. lead by providing more subsidies of their own.

March 9, 2023 . 10:37 PM

1 min read

Billions of dollars in clean energy incentives are poised to speed investment on American soil while putting the European Union's energy transition at risk.
U.S. President Joe Biden's landmark Inflation Reduction Act climate package was signed into law last year, directing some $370 billion in tax benefits to U.S. development of renewable energy technologies, electric vehicles and projects that reduce or capture industrial greenhouse gas emissions.
U.S. Energy Secretary Jennifer Granholm challenged EU allies to follow the U.S. lead by providing more subsidies of their own.
European energy companies echoed the call for Europe to come up with new incentives.
U.S. executives offered tempered enthusiasm for the incentives, saying permitting obstacles can add years to development of pipelines or carbon sequestration sites.