Title: US Subsidies Attract European Industries, Creating Competition
Subtitle: The Inflation Reduction Act (IRA) fuels competition between the US and Europe in the green industries sector
Date: [Insert Date]
The United States is pouring billions of dollars in subsidies into various industries, and sometimes to the delight of European industrialists. The US government is actively inviting European companies to invest in their country, offering incentives such as land availability, infrastructure development, cheap labor contracts, and access to qualified workforce.
While some French companies, like Verkor, have chosen to focus on their domestic market, others are eagerly embracing the competition among US states. Norwegian company Nel, specializing in hydrogen, recently chose Michigan as the location for its new electrolyzer factory due to the financial incentives offered by the state.
This competition has been further intensified by the Inflation Reduction Act (IRA), a massive federal plan passed by the US Congress in August 2022. The IRA, estimated to be worth $369 billion at the timeTitle: European Industries Tempted by Billions in US Subsidies for Green Transition
Subtitle: The US Inflation Reduction Act (IRA) intensifies competition between American states and attracts European industrialists
Date: [Insert Date]
The United States is pouring billions of dollars in subsidies into various industries, and sometimes to the delight of European industrialists. American actors regularly invite European companies to invest on their soil, offering land availability, road construction, energy supply, and cheap contracts with skilled labor, according to Philippe Chain, co-founder of French start-up Verkor.
While Verkor has chosen to focus on France, other European companies are eagerly embracing the competition among American states. Norwegian company Nel, specializing in hydrogen, recently put three states in competition to choose the location for its new electrolyzer factory. The final choice was Michigan, justified by the “financial incentives offered by the state,” according to Nel CEO Hakon Volldal.
This competition has been further intensified by the USTitle: US Subsidies Attract European Industries, Creating Competition
Subtitle: The Inflation Reduction Act (IRA) fuels competition between the US and Europe in the green industries sector
Date: [Insert Date]
The United States is pouring billions of dollars in subsidies into various industries, and sometimes to the delight of European industrialists. The Inflation Reduction Act (IRA), a federal plan passed by the US Congress in August 2022, aims to flood and capture the transition energy industries. With an estimated amount of $369 billion, the IRA has no ceiling and could easily exceed $1 trillion, according to Credit Suisse and Goldman Sachs. This massive funding is intended to support sectors such as electric vehicles and batteries, wind and solar power, nuclear energy, sustainable aviation fuel, carbon capture, hydrogen, and eco-friendly heating equipment.
The primary objective of the IRA is not only to reduce US greenhouse gas emissions by half by 2030 compared to 2005 but also to counter China
How has the Inflation Reduction Act impacted the competition between American states and the interest of European industrialists?
Illions of dollars in subsidies into various industries, attracting the interest of European industrialists. The US government is actively encouraging European companies to invest in the country by offering incentives such as land availability, infrastructure development, affordable labor contracts, and access to a skilled workforce.
While some French companies, like Verkor, choose to focus on their domestic market, others eagerly embrace the competition among US states. Norwegian company Nel, specializing in hydrogen technology, recently selected Michigan as the site for its new electrolyzer factory, enticed by the financial incentives provided by the state.
This competition has been further fueled by the Inflation Reduction Act (IRA), a significant federal plan passed by the US Congress in August 2022. The IRA, valued at $369 billion at the time, intensifies competition between American states and attracts European industrialists looking to capitalize on the green transition.
That’s interesting! I didn’t know that European industries were being attracted by US subsidies.