EU responds to US and Chinese green subsidies in leaked plan
The European Union (EU) is said to be preparing a comprehensive plan to respond to the US's Inflation Reduction Act and loosen the continent's dependence on Chinese technology, the Financial Times has reported. According to the leaked document, the European Commission would be planning to extend some of the s implified state aid rules that already apply to some renewable technologies, in order to include renewable hydrogen and biofuel storage. In addition, EU member states will be able to offer help to EU companies that are being offered equivalent financial aid from foreign governments with measures such as tax benefits. Some of the €800bn (£707bn) included in the NextGenerationEU Covid-19 recovery fund could also be redirected towards tax credits, according to the draft. This move…