EU companies can receive as much EU aid as US subsidies under more relaxed rules – #companies #receive #aid #subsidies #relaxed #rules
BRUSSELS, March 9 (Reuters) – EU businesses USAcan get state funding as much as from the green energy subsidy package of Europe Under looser rules announced by the Commission on Thursday, it aims to keep them in Europe.
Rules tax 369 including loans billion which has a dollar green subsidy program USA To counter the lure of the Inflation Reduction Act (IRA), it targets investments in renewable energy, the decarbonization industry, hydrogen or zero-emission vehicles.
Regulations of the EU USA and notes its recent efforts to reduce its dependence on Chinese products and technologies. Offer His Net-Zero Industry Act will speed up permits for green projects, and the Critical Materials Act, which will be released to the public on March 14, will increase recycling and diversify sources.
The Commission said appropriate assistance from governments can be triggered when there is a real risk of investment being diverted from Europe.
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“Member states can either guarantee the amount of support that the beneficiary would receive for an equivalent investment in that alternative location (so-called ‘eligible aid’),” the EU executive said.
States can also provide the necessary funding to encourage a company to invest in Europe.
To ensure that the aid actually encourages a company to stay in Europe, cross-border investments must involve projects in at least three EU countries. Companies must also use state-of-the-art manufacturing technology to reduce emissions to the environment.
EU countries must set up renewable energy and energy storage schemes and decarbonisation projects by the end of 2025 to comply with easier financing rules, the commission said.
Report by Foo Yun Chee; Edited by Richard Chang
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2023-03-09 22:08:25
Source – reuters
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