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☆ EU and US green arms race misses bigger picture
▼ + stars: | 2023-03-16 | by ( Rebecca Christie | ) www.reuters.com time to read: +6 min

BRUSSELS, March 16 (Reuters Breakingviews) - The European Union’s pushback on aggressive U.S. green production incentives is taking shape. In pushing back against Washington’s green industrial aid, Europe has a case for deploying trade and state-aid means in the short term to support its green industries. An expensive green arms race with its allies would be the wrong road to go down. The European Union on March 9 announced that it would loosen state aid rules up until 2025 to give member states more scope on green technology subsidies. Other responses to the 2022 U.S. Inflation Reduction Act, which includes $369 billion in green technology subsidies, are in the works.

President Biden meets with European Commission President Ursula von der Leyen at the White House in Washington last Friday. The Group of Seven advanced democracies want to keep the price cap on Russian crude at $60 a barrel, according to people familiar with the matter, thwarting hopes in some European capitals of tightening the Western sanctions this month. European Commission officials warned the bloc’s member states about the G-7 position, saying that President Biden had told European Commission President Ursula von der Leyen in the Oval Office of the White House last week there was no appetite in Washington for adjusting the oil sanctions, according to the people familiar with the matter.

☆ Exclusive: TSMC's Germany chip plant talks hone in on govt subsidies -sources
▼ + stars: | 2023-03-15 | by ( Ben Blanchard | ) www.reuters.com time to read: +3 min

TSMC said in December that there was "no concrete plan" to build a chip factory in Germany. Saxony officials discussed the EU Chips Act with EU Commission President Ursula von der Leyen on March 6 in Brussels, according to the state government. Germany's economy ministry said it could not comment on individual company plans, but noted the federal government was willing to support and promote semiconductor production projects under the European Chips Act. TSMC's German factory, if is goes ahead, will likely produce less advanced chips, especially those used in the auto industry, the first person said. "These are the kinds of chips German industry needs," the person added.

☆ EU power rejig may only solve tomorrow’s problem
▼ + stars: | 2023-03-14 | by ( Lisa Jucca | ) www.reuters.com time to read: +4 min

That would have risked stifling green electricity production, which is cheaper, by culling the profit margin producers by design enjoy in the EU structure. To make Europe less dependent on volatile fossil fuel prices requires installing more green energy power. The approach is not as market-friendly as fixed-price, subsidy-free power purchase agreements, which last year only made up 1% of total power generation. The risk of a resurgence of the European energy crisis, however, is all skewed to the near term. PPAs currently only cover 1% of total European Union electricity generation, according to data provider Independent Commodity Intelligence Services.

☆ Critical-Mineral Diplomacy Needs to Focus on Supply, Not Demand
▼ + stars: | 2023-03-13 | by ( Stephen Wilmot | ) www.wsj.com time to read: 1 min

Diplomacy has a role to play in creating non-Chinese supply chains for renewable energy—but not this kind of diplomacy. Politicians are talking a lot about critical minerals: metals, such as lithium and rare earths, that today are turned into valuable manufacturing inputs mainly in China, and that in the future will be needed in much greater quantities for things like electric vehicles and wind turbines. On Friday, the subject played a starring role in a meeting between U.S. President Joe Biden and European Commission President Ursula von der Leyen . This week, the European Union will launch a Critical Raw Materials Act to improve its green-energy security.

☆ U.S., EU Try to Defuse Subsidies Dispute to Focus on Russia and China
▼ + stars: | 2023-03-10 | by ( Andrew Duehren | Kim Mackrael | ) www.wsj.com time to read: 1 min

WASHINGTON—President Biden and European Commission President Ursula von der Leyen will meet Friday as the U.S. and Europe try to move beyond a spat over subsidies for clean-energy technology and preserve a trans-Atlantic relationship that had strengthened following Russia’s invasion of Ukraine. Since Congress passed the climate and healthcare law called the Inflation Reduction Act last year, European officials have loudly complained about provisions that they fear disadvantage their own industries. They have taken aim at U.S. subsidies for electric vehicles that impose new requirements on the source of the materials used in the vehicles, as well as a wider range of tax incentives that officials believe could draw investment out of Europe and into the U.S.

☆ EU's von der Leyen says she and Biden agreed to dialogue on clean tech
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, March 10 (Reuters) - European Commission President Ursula von der Leyen said that she agreed with President Joe Biden during a meeting at the White House on Friday to have a dialogue concerning incentives to the clean technology industry. Describing her meeting with Biden as "very good," von der Leyen said they agreed to work on giving EU-sourced critical raw materials access to the U.S. market. Von der Leyen said the European Union welcomed the U.S. Inflation Reduction Act because it provides a massive investment in the green energy transition. Reporting by Jeff Mason and Eric Beech; writing by Rami AyyubOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: Bond blows batter banks as SVB cracks
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +5 min

SVB may be an unusual case in point - given its exposure to both last year's attrition in the tech sector, related startups and bond markets. Major U.S. banks were also hit, with Wells Fargo (WFC.N) down 6%, JPMorgan (JPM.N) down 5.4%, Bank of America (BAC.N) 6% lower and Citigroup (C.N) 4% lower. In currency markets, the dollar held the line on Friday in its lonely easy monetary policy stance. The BOJ held off making changes to its controversial bond yield cap policy, leaving all options open ahead of a leadership transition in April. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ EU Draft Law Sets Out Moves to Secure Supply of Critical Energy Transition Materials
▼ + stars: | 2023-03-09 | by ( Yusuf Khan | ) www.wsj.com time to read: +5 min

According to draft legislation seen by The Wall Street Journal, the Critical Raw Materials Act aims to set standards and promote policy designed to ensure Europe has the metals and minerals it deems necessary for its energy transition and defense and energy security. The Critical Raw Materials Act will also make it easier to mine and process the materials within the bloc; establish a European Critical Minerals Board; identify strategic projects to mine, process and recycle the materials; and work to ensure those projects have quick permitting and sufficient funding. The purchasing system would negotiate with global sellers but will be structured to comply with EU competition law. Other countries such as Japan have put in place similar plans to secure raw materials. Raw materials projects could also be labeled as being in the public interest or as strategic, which could further streamline funding.

☆ EU Draft Law Sets Out Moves to Secure Critical Energy Transition Materials
▼ + stars: | 2023-03-09 | by ( Yusuf Khan | ) www.wsj.com time to read: +5 min

According to draft legislation seen by The Wall Street Journal, the Critical Raw Materials Act aims to set standards and promote policy designed to ensure Europe has the metals and minerals it deems necessary for its energy transition and defense and energy security. The Critical Raw Materials Act will also make it easier to mine and process the materials within the bloc; establish a European Critical Minerals Board; identify strategic projects to mine, process and recycle the materials; and work to ensure those projects have quick permitting and sufficient funding. It also said the EU should be able to extract 10% and process 40% of its strategic raw material needs while also expanding recycling capacity so that 15% of consumption can come from secondary sources by 2030. Other countries such as Japan have put in place similar plans to secure raw materials. Raw materials projects could also be labeled as being in the public interest or as strategic, which could further streamline funding.

Reuters reported last week that the United States and EU were working to make European minerals eligible for tax credits under the $430 billion U.S. Inflation Reduction Act (IRA), citing a senior EU official. That law requires rising percentages of battery minerals to come from the United States or a Free Trade Agreement (FTA) partner. Working with allies to reduce U.S. reliance on China for critical minerals would aid U.S. energy and economic security, the spokesperson added. The EU, South Korea, Japan and other U.S. allies have harshly criticized the IRA's provision requiring EVs to be assembled in North America to qualify for consumer EV tax credits. But the EU in December praised a U.S. Treasury Department decision to allow EVs leased by consumers to qualify for up to $7,500 in commercial clean vehicle tax credits.

☆ EU pushes against 'Made in USA' rule for EV support
▼ + stars: | 2023-03-09 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +2 min

Washington is providing tax credits of up to $7,500 for consumers buying electric vehicles, but only if final assembly and battery components amounting to at least half of the value are made in North America. European Commission Vice President Valdis Dombrovskis, who oversees EU trade policy, said discussions were continuing on these local content requirements and that the EU wanted to establish how battery components were defined. "Is it only specific battery components or everything? A further criteria for the tax credit is that a large share of critical materials comes from a U.S. free trade agreement (FTA) partner, which the European Union is not. The United States and the European Union are nevertheless working towards a deal to make European minerals eligible for tax credits, a senior EU official said on Friday.

☆ U.S., EU to Start Trade Negotiations on Minerals
▼ + stars: | 2023-03-08 | by ( Andrew Duehren | ) www.wsj.com time to read: 1 min

President Joe Biden speaking last month at a virtual roundtable on securing critical minerals. The U.S. and European Union are moving forward with crafting a trade agreement focused on critical minerals, with President Biden and European Commission President Ursula von der Leyen expected to discuss on Friday the plan to reduce their dependence on China. As part of the White House meeting on Friday, the U.S. and EU are aiming to announce that they are starting negotiations on the terms of such a deal, according to U.S. and EU officials, though U.S. officials said an announcement would only come after consultation with Congress.

☆ Biden to host EU chief as Europe hopes to avoid subsidy race with the U.S.
▼ + stars: | 2023-03-08 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

President of the European Commission, Ursula von der Leyen (L) speaks with US President Joe Biden. President Joe Biden will welcome Ursula von der Leyen to the White House this week, with the European Union's top official eager to gain concessions amid a tense subsidy spat between the two giant trading blocs. "We want to achieve as much non-discriminatory treatment for EU products and companies as possible, avoiding distortions of the level playing field," a spokesperson for the European Commission, told CNBC via email Friday. This could ultimately mean less innovation in Europe and fewer jobs for Europeans too. "I do not think [European Commission President Ursula] von der Leyen will manage to extract meaningful concessions from the U.S. on the IRA.

☆ EU's von der Leyen says she will tackle US green subsidies, overcome e-fuels impasse
▼ + stars: | 2023-03-05 | by ( ) www.reuters.com time to read: +2 min

[1/2] German Chancellor Olaf Scholz and European Commission President Ursula von der Leyen walk following a closed German cabinet meeting at the government's guest house in Schloss Meseberg, near Gransee, Germany, March 5, 2023. REUTERS/Fabrizio BenschFRANKFURT, Germany, March 5 (Reuters) - EU Commission President Ursula von der Leyen said on Sunday she is determined to counter challenges from U.S. subsidies for green technologies and to speed a currently blocked law on phasing out combustion engines from 2035. A Commission report on competitiveness, due at the same time, would help lower barriers inside the internal EU market and address shortages of specialised labour, which von der Leyen called a "brake on growth." Scholz and von der Leyen said that trade agreements were also being eyed with Indonesia and India. Von der Leyen also said the EU was keeping a close watch on whether China sticks to commitments not to help arm Russia in the Ukraine war.

LONDON, March 3 (Reuters) - The European Union's executive body is set to provide permits, regulatory support and easier access to public and private funding for certain strategic green technologies, according to a draft document seen by Reuters. Certain technologies, such as sustainable aviation fuel (SAF), were not included in the draft as potential candidates for the support scheme. The rules would also support auctions to deploy renewable energy sources, adapt innovation funds and provide easier access to public-private procurement. If the goals aren't achieved by 2030, the European Commission will propose "additional measures aimed at covering the identified gaps," the draft says. The European Commission declined to comment on the draft document, which an industry source said was expected to be released in the coming weeks.

WASHINGTON, March 3 (Reuters) - The United States and European Union are working toward agreement in principle on a deal to make European minerals eligible for tax credits, a senior EU official said Friday. The EU official said an agreement could come as early as next week, in time for a visit by European Commission President Ursula von der Leyen to Washington, on a deal that would give the EU "free trade agreement-like status." The EU official said it was critical to reach an agreement soon, given moves by some European companies to shift production to the United States. This would be very reduced and certainly not a free trade agreement in the classical way," the official said. But the EU in December praised a U.S. Treasury Department decision to allow EVs leased by consumers to qualify for up to $7,500 in commercial clean vehicle tax credits.

Biden and Scholz met in private in the Oval Office for over an hour, a senior administration official said. Sitting next to Scholz in the Oval Office, Biden thanked the German leader for his "strong and steady leadership" and support for Ukraine. Speaking before the meeting, U.S. officials said discussion points included the state of the war and how to respond if China provided military aid to Russia. "Every step China takes toward Russia makes it harder for China with Europe and other countries around the world." Biden hailed Scholz's decision to sharply increase Germany's military spending and diversify energy sources away from Russia, and said the two leaders had worked in lockstep with other allies to support Ukraine.

But EU countries still need to rubber stamp the decision before it can take effect. EU countries' ambassadors on Friday cancelled the vote that had been planned for March 7, the spokesperson for Sweden said. Italy, which has previously said it will vote against the EU cars law, on Friday welcomed the postponement of the vote. Such an outcome, along with some resistance from Italy and some eastern European countries, could throw the whole EU ban into question. European Commission President Ursula von der Leyen will attend a German cabinet meeting at the Schloss Meseberg palace on Sunday, where the topic is likely to be discussed.

☆ Biden and EU's von der Leyen to meet amid subsidies dispute
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

March 2 (Reuters) - European Commission President Ursula von der Leyen will discuss clean energy and supply chains with President Joe Biden in Washington on March 10, the White House said, as European nations worry that new U.S. subsidies will hurt their economies. "They will ... discuss U.S.-EU coordination to combat the climate crisis through investing in clean technology based on secure supply chains," the statement said. During a December visit by France's President Emmanuel Macron to the White House, Biden said that bills aimed at boosting U.S. renewable energy and the semiconductor industry have "glitches" that can be addressed. Washington and its allies have said in recent weeks that China was considering providing weapons to Russia, which Beijing denies. Reporting by Kanishka Singh; Writing by Costas Pitas; Editing by Tim AhmannOur Standards: The Thomson Reuters Trust Principles.

☆ EU silence over Pfizer COVID contract talks is problem that won't go away -watchdog
▼ + stars: | 2023-03-01 | by ( Maggie Fick | ) www.reuters.com time to read: +3 min

[1/2] The European Ombudsman Emily O'Reilly speaks during an interview with Reuters in Brussels, Belgium February 28, 2023. The Commission said in June 2022 that it no longer had the texts, which later drew criticism from the EU ombudsman. O’Reilly argued many people would understand why von der Leyen approached Bourla to plead Europe’s case for vaccines, as tens of thousands of people on the continent were dying from COVID-19. It has proposed to other EU institutions that they do the same, the spokesperson added. In February, the New York Times said it was suing the Commission over failure to release the text messages.

☆ Brexit deal could resurface Britain's 'healthy fundamentals' if EU relations strengthen, analysts say
▼ + stars: | 2023-03-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Speaking at a news conference, Sunak described the new agreement — known as the Windsor Framework — as "the beginning of a new chapter" for the relationship between the U.K. and the EU. Dan Kitwood | Getty Images News | Getty ImagesLONDON — The new Brexit deal between the U.K. and the EU may help bring Britain's "healthy fundamentals" back to the fore, providing relations with Brussels continue to improve, analysts suggest. U.K. Prime Minister Rishi Sunak and European Commission President Ursula von der Leyen on Monday announced the agreement of the Windsor Framework, which aims to fix the controversial Northern Ireland Protocol. The Protocol had been a long-standing bugbear for unionist pro-Brexit parties in Northern Ireland, and had brought the devolved Northern Ireland Assembly to a standstill over the past year, after the Democratic Unionist Party resigned in protest. "If this comes to an end, we expect the U.K.'s healthy fundamentals — well capitalised banks, cash flush households and firms, and well-regulated markets — to re-assert themselves."

And it's little surprise the International Monetary Fund forecast Britain would be the only economy of the G7 to contract this year. But certainly the potential for improved trade relations with the UK's biggest trading partner is clear. Unicredit this month cited estimates that the UK economy would underperform by 5-7% over 10 years if it remains outside the EU single market and customs union. It may even have been a key spur to this week's breakthrough given the frayed geopolitical backdrop. President Joe Biden has long insisted there would be no progress on a U.S. deal with Britain until the Northern Irish conundrum was resolved.

☆ Brexit slammed the UK economy. The Northern Ireland deal gives it hope
▼ + stars: | 2023-02-28 | by ( Hanna Ziady | ) edition.cnn.com time to read: +8 min

It delivers “long-lasting solutions” that will work for the people and businesses of Northern Ireland, she added. It also allows the UK government to determine sales tax rates for businesses in Northern Ireland and gives the Northern Ireland government emergency powers to oppose new EU rules on some goods. A boost to BritainBeyond its importance to Northern Ireland, the deal eases the uncertainty Brexit created for Britain. The new Northern Ireland deal opens the door to closer UK-EU cooperation on financial services, energy, immigration and scientific research, according to experts. “You need to address the Protocol before you do anything else,” said Anna Jerzewska, the founder of international trade consultancy Trade & Borders.

☆ Brexit deal hailed as 'turning point' for Northern Ireland, but could still face opposition in Belfast
▼ + stars: | 2023-02-28 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

WINDSOR, U.K., Feb. 27, 2023: Britain's Prime Minister Rishi Sunak (L) and European Commission chief Ursula von der Leyen announced a landmark post-Brexit trading arrangement seeking to rectify problems with the Northern Ireland Protocol. Dan Kitwood/AFP via Getty ImagesLONDON — The new Brexit deal signed by the U.K. and the European Union on Monday was heralded as a "turning point" for Northern Ireland, but must still pass muster in Belfast. The sticking point could come from across the Irish Sea in Stormont, near Belfast, where the devolved Northern Ireland Assembly has been suspended for a year after the pro-Brexit Democratic Unionist Party (DUP) resigned in protest over the Northern Ireland Protocol. "There can be no disguising the fact that, in some sectors of our economy, EU law remains applicable in Northern Ireland." BELFAST, U.K., Feb. 17, 2023: DUP Leader Sir Jeffrey Donaldson speaks to reporters outside the Culloden Hotel in Belfast after Northern Irish leaders held talks with U.K. Prime Minister Rishi Sunak over the Northern Ireland Protocol.

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