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US Treasury Secretary Yellen: "We have the same goals"
Photo: Salim Dawood/AP
The American Inflation Reduction Act is seen in Europe as a bugbear, raising fears of a subsidy race.
Now US Treasury Secretary Janet Yellen has advised the EU to launch its own subsidy program in response to the US program.
“If Europe takes action to introduce subsidies similar to ours, that's good climate policy,” said Yellen.
It is important to reduce dependence on China.
"We have the same goals, Europe and the United States," Yellen continued.
»We want to make sure that we are sufficiently supplied with all the things that are important for clean energy, from batteries to solar cells to wind turbines.« When it comes to batteries for electric cars but also raw materials »we are far too dependent on China« .
The US law passed by the US Congress last summer provides subsidies for green technologies worth billions, but these have to be manufactured in the USA.
The EU Commission and the EU member states therefore accuse Washington of trade protectionism and discrimination against European companies.
Economics Minister Robert Habeck (Greens) therefore traveled to Washington this week with his French counterpart Bruno Le Maire.
They made it clear that while they do not expect any changes to the Inflation Reduction Act itself, they do expect a concession from the USA in the concrete implementation of the law in the form of regulations.
Meanwhile, the EU has taken the first steps to support European companies as well.
Above all, the rules for state aid are to be relaxed.
However, the federal government in particular rejects a massive European subsidy program, financed on top of that by joint debts.
Chancellor Olaf Scholz (SPD) warned on Wednesday in his government statement before the special EU summit of an "unchecked subsidy race".
mic/AFP
