Energy executives and Biden administration officials in Houston had a simple message for Europe and other regions griping that US climate spending will starve them of investment: Stop complaining and put up the cash to enact measures of your own.Jenniferboasted the newly enacted infrastructure law and Inflation Reduction Act have made the US “irresistible” for clean energy investments.
EU leaders appear concerned. The war in Ukraine and the withdrawal of Russian gas have supercharged the continent’s push toward clean energy but the long-term strategy could be under threat with companies like Tesla Inc. and Volkswagen AG now prioritizing investment in the US. “Europe’s competitiveness and resilience is in danger,” the EU’s internal market authority said in an initial assessment seen by Bloomberg.
It’s not just the sheer size of the IRA that has won the backing of energy leaders, but also its simplicity. Big and small companies alike can access funds, and projects don’t have to wait years to redeem tax credits. Crucially, the legislation comes with few punitive measures that affect the industry’s cash cow, oil and gas., CEO of Cenovus Energy, said in an interview, picking up a metaphor that’s become ubiquitous at the conference.
Granholm’s rousing address also was well-received, a sharp contrast to her speech last year at the event, when she implored the gathered executives to do more to step up production in the face of energy shortages stemming from Russia’s war with Ukraine.
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