The Rise of China in the Face of Climate Change

The EU, Japan and South Korea have all introduced their own subsidies for their tech and clean energy sectors to attract new investment or prevent more companies from migrating to the United States. Europe in particular has jumped on the bandwagon by setting aside 160 billion euros of its pandemic recovery fund for digital innovation such as computer chips, batteries and climate adaptation. This encourages international companies to move production to America. If they do this, not only do they qualify for the massive subsidies on offer from the Biden administration, they can also benefit from lower US energy costs and lower taxes.