While the chance of lost investment in Europe is clear, some delegates said it was more necessary to praise Washington for its huge investment plans in clean energy and technology, after the nation had been berated prior to now for not taking enough motion on climate.
“In my opinion, the Inflation Reduction Act is, by far, a very powerful climate motion after the Paris Agreement 2015,” Fatih Birol, the manager director of the International Energy Agency, said in an interview. “I understand that many countries, including the European countries, see that it could create some challenges for them.”
Though they’ve legitimate concerns, he added, “I’d say that Europe can develop its own clean energy industrial framework as a complementary tool.”
Andrea Fuder, the chief purchasing officer for Volvo Group, the Swedish company that builds trucks, buses and construction equipment in america and other locations world wide, said her company appreciated the American laws and expected it to assist the corporate reach its net zero goals.
“There may be now some noise in Europe about it but I believe it’s now as much as the European Union to search out good answers to that,” Ms. Fuder said.
Ann Mettler, the vp for Europe at Breakthrough Energy, an investment fund backed by Bill Gates, and a former director general on the European Commission, praised the Inflation Reduction Act for its simplicity and said it made lots of sense because america must “speed up the energy transition” and shift production of essential clean technologies away from China.
The law should result in an investment boom in america, Ms. Mettler predicted, and potentially result in breakthroughs in emerging technologies similar to green hydrogen.