The United States and European Union are both investing heavily in the development of their green energy and clean technology sectors; to support a green transition and ensure they can meet the growing energy demand. However, both regions are all too aware of the heavy reliance on China for energy and clean tech, as the Asian giant continues to dominate across several sectors, from critical minerals to microchip production.
The IRA committed billions to the development of the renewable energy and clean tech sectors and has attracted even higher levels of private investment to the industry. Now, energy experts are concerned that the introduction of such far-reaching tariffs on Chinese products could undermine the aims of the IRA and derail the significant progress made over the last two years.