VdL Announces Net Zero Industry Act Responding To US Inflation Reduction Act

European Commission President Ursula von der Leyen has announced the 'Net Zero Industry Act', a major spending commitment to green technology development intended to respond to the US' sizeable Inflation Reduction Act.

• Mehreen Khan at The Times: "Von der Leyen at Davos pleading with the US to allow European industries like electric vehicles to have access to subsidies under the IRA. Calls for IRA to set “fair” incentives so “we can jointly benefit”. Von der Leyen announces Commission will propose a new "Net Zero Industry Act" that will speed up permitting for green technologies in response to the IRA."
• Khan: "No mention of joint financing to help countries without big bucks to invest in their industry. On money, VDL says Commission will offer temporary "bridging" funds for "fast and targeted" green investment while EU looks at where it can find funds in the EU budget. Marked difference in tone from Von der Leyen on US subsidies (soft, stepping back from overt criticism), and on China, where she calls for "robust response" to green trade distortions from Beijing."
• On China, VdL does not talk about decoupling from supply chains involving China, but instead talks of 'de-risking' EU supply chains. This sounds v. similar to talk in US gov't of 'friendshoring' supply chains to ensure crucial components are manufactured if not domestically then by political allies.