The European Parliament in Brussels. Image: European Parliament.
The European Union (EU) has unveiled its plans for its own Inflation Reduction Act-style support package, the Green Deal Industrial Plan, for clean energy technologies including energy storage.
The announcement from European Commission President Ursula von der Leyen this week comes after senior policymakers raised concerns that the US’ recent US$369 billion investment plus incentives package for both upstream and downstream renewable energy sectors was taking potential investment away from Europe.
“It is no secret that certain elements of the design of the Inflation Reduction Act raised a number of concerns in terms of some of the targeted incentives for companies,” von der Leyen said.
In response, the bloc has a new “…plan to make Europe the home of clean tech and industrial innovation…