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After the U.S. Inflation Reduction Act (IRA) was passed, European companies engaged in the development of clean technology garnered half as much investment as their American rivals during the year, The Financial Times writes.
Cleantech for Europe business group, cited in the article, said that "the EU lagged behind in the financing of clean technologies in the early stages" for the first year following the implementation of the new U.S. legislation. Europe has "invested $8.7 billion" in renewable energy and electric car startups, compared to the United States' "more than $21.7 billion" investment.
The most obvious disparity lies in the funding for clean hydrogen initiatives, which the research believes might greatly aid in the decarbonization of heavy industries. While the EU was three times ahead of the U.S. on this metric in the first quarter of 2022, "having invested €343 million in this area," investments in the U.S. have outperformed EU financial infusions every quarter thereafter, with the total exceeding European numbers "by €1.2 billion."
source: ft.com
Cleantech for Europe business group, cited in the article, said that "the EU lagged behind in the financing of clean technologies in the early stages" for the first year following the implementation of the new U.S. legislation. Europe has "invested $8.7 billion" in renewable energy and electric car startups, compared to the United States' "more than $21.7 billion" investment.
The most obvious disparity lies in the funding for clean hydrogen initiatives, which the research believes might greatly aid in the decarbonization of heavy industries. While the EU was three times ahead of the U.S. on this metric in the first quarter of 2022, "having invested €343 million in this area," investments in the U.S. have outperformed EU financial infusions every quarter thereafter, with the total exceeding European numbers "by €1.2 billion."
source: ft.com
