EU Chief Says Bloc Must Act Over US Climate Plan 'distortions'
Muhammad Irfan Published December 04, 2022 | 08:10 PM
Brussels, Dec 4 (UrduPoint / Pakistan Point News - 4th Dec, 2022 ) :EU chief Ursula von der Leyen said Sunday the bloc must act to address "distortions" created by Washington's $430-billion plan to spur climate-friendly technologies in the United States.
The European Union must "take action to rebalance the playing field where the IRA (Inflation Reduction Act) or other measures create distortions", von der Leyen said in a speech at the College of Europe in the Belgian city of Bruges.
Von der Leyen said the EU had to work with the US "to address some of the most concerning aspects of the law".
She said that Brussels must also "adjust" its own rules to facilitate public investment in the environmental transition and "re-assess the need for further European funding of the transition".
The White House touts the IRA as a groundbreaking effort to reignite US manufacturing and promote renewable technologies.