Sign up for The Weekly Planet, The Atlantic' s newsletter about living through climate change, here. It is a good time to be in the decarbonization business in the United States. The Inflation Reduction Act —with its $374 billion cornucopia of green incentives, subsidies, and grants—was designed to entice private companies to invest in the transition away from fossil fuels. Initial reports already suggest that the IRA may be working. An analysis by American Clean Power, a lobbying group of renewable-energy companies, indicates that even just the anticipation of its bounty catalyzed $40 billion in investments and created nearly 7,000 jobs in the last few months of 2022. Things are so rosy for the green industry in the United States, in fact, that the European Union feels left out. It is miffed that many of the IRA's tax breaks and subsidies apply only to American-made products, tempting European companies to open operations here. And so now the EU has its own take on the Inflation Reduction Act: Last week, the European Commission proposed a " Green Deal Industrial Plan ." It includes $240 billion in loans and $21 billion in grants from EU coffers to subsidize green businesses, a relaxation… Read full this story
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