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Catch Me If You Can: EU Trails US On Clean-Tech Policy
Oct 30, 2024
Antoine Vagneur-Jones and Matthew Hales from BNEF's Trade and Supply Chains team unpack the global clean technology race. They delve into the U.S. Inflation Reduction Act's transformative impact on trade relations and how Europe is responding with its Net-Zero Industry Act. The duo discusses the effectiveness of tariffs and the challenges of competing with Chinese manufacturers. They also explore the implications of impending U.S. elections on clean technology policies and the competitive landscape for both sides of the Atlantic.
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Quick takeaways
- The U.S. Inflation Reduction Act significantly boosts domestic clean technology manufacturing through substantial subsidies, contrasting sharply with the EU's weaker support mechanisms.
- Both the U.S. and EU face challenges with their tariff strategies aimed at Chinese products, reflecting a complex geopolitical landscape impacting local industries.
Deep dives
Impact of the U.S. Inflation Reduction Act
The U.S. Inflation Reduction Act, launched in 2022, acts as a significant catalyst for the clean technology sector by providing ample subsidies aimed at re-industrializing America. Its local content requirements encourage domestic manufacturing, primarily benefiting U.S. firms while potentially limiting foreign involvement. This policy includes substantial tax credits, particularly for electric vehicle and battery production, which has led to a wave of investments in various states, especially those historically considered as 'red states.' Despite facing scrutiny, especially from the Republican Party, the core structure of the Inflation Reduction Act appears stable, though future access to tax credits may become more restricted depending on election outcomes.
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highlights
Listen to the best highlights from the podcasts you love and dive into the full episode