EU’s green tech funding plans divides bloc over global subsidy race

The EU’s new green tech funding plan has sparked concerns about an escalating global subsidy race. The initiative was launched in response to the US’ Inflation Reduction Act. The act provides $369 billion of subsidies for green technologies, largely through tax credits for products “made in America.” The incentives have triggered fears that EU companies will be enticed to redirect investment and production to the US. Critics claim the measures amount to protectionism that violates existing trade agreements. In response to the act, the EU this week unveiled the Green Deal Industrial Plan — a roadmap to make the bloc’s…

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