EU seeking to offset Biden's green plans with own subsidies

European Union leaders and member nations are putting forward moves to ensure the EU would not be left behind by the United States in the green industry race

From Paris to Stockholm and Brussels, European Union leaders and member nations were putting forward moves Monday to ensure the 27-nation bloc would not be left behind by the United States in the green industry race.

Talk of huge subsidies to prop up companies at home and fears of a race to the bottom that allows domestic production to muscle out competition are set to dominate the EU's political agenda right up to a special economic summit Feb. 9-10.

The tipping point came when the $369 billion U.S. Inflation Reduction Act was approved last summer, which EU leaders see as an attempt to cut European firms out of the lucrative American market for clean energy technology like electric vehicles and excessively favors a “made-in-America” approach that discriminates against European multinationals.