Discriminatory' measures in U.S. Inflation Reduction Act still need addressing, top EU minister says
European commissioner for trade, Valdis Dombrovskis, said measures in Joe Biden’s flagship Inflation Reduction Act were “discriminating against EU companies.”
Dombrovskis said the EU and U.S. should be “building transatlantic value chains” for the green transition, “not breaking them apart.”
The EU is considering adjusting its state aid rules in response, but member states have concerns this could benefit some countries over others.
Related Knowledge Center: Climate legislation
The federal government and states are in the process of implementing two laws — the Infrastructure Investment and Jobs Act and the Inflation Reduction Act — an investment of more than a trillion dollars to address climate change.
Related Knowledge Center: Climate diplomacy
Talks are well underway in preparation for the next major international meeting on climate change, 28th Conference of the Parties (COP28), scheduled to begin Nov. 30 in the United Arab Emirates.
Much like last year’s COP27, finances — specifically, aid to developing nations — will be at the center of conference deliberations.
The conference faces an even greater sense of urgency brought on by the Sept. 8, 2023, release of the first global stocktake, which calls for accelerated action to meet the goals set in the 2015 Paris Climate Agreement (COP21).
Climate diplomacy: COP 27 | Climate diplomacy: COP 28 | Climate diplomacy: COP 29