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☆ Britain talking to EU and US over Inflation Reduction Act concerns
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

PARIS, March 10 (Reuters) - British Prime Minister Rishi Sunak said on Friday he was talking to the United States and European Union about the U.S. Inflation Reduction Act amid concern it could make European markets uncompetitive. There are concerns in Europe that the United States' $369 billion of subsidies for electric vehicles and other clean technologies could put companies based on the continent at a disadvantage. Britain's finance minister Jeremy Hunt has called the act a "very real competitive threat." Asked if the U.S. measures could drive investment away from Britain and into the United States, Sunak said "my general view is that it's better for all of us to maintain free and open markets." Reporting by Alistair Smout; editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ Carbon emissions hit a record last year, but rapid growth in renewable energy kept the increase from being far bigger
▼ + stars: | 2023-03-02 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +3 min

Global carbon emissions rose in 2022 from an increase in air travel and coal power, a report found. A spike in clean power like solar and wind kept the growth in emissions from being worse. Still, the growth of solar, wind, electric vehicles, and heat pumps helped prevent a massive spike in emissions. Without the increase in clean technologies, the year-over-year increase in energy-related emissions would have been almost triple, the report found. Meanwhile, China's emissions stayed flat in 2022 compared with previous years because industrial production slowed amid strict COVID-19 policies.

☆ UK's Hunt says U.S. green subsidy act a 'very real competitive threat'
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 21 (Reuters) - British finance minister Jeremy Hunt said on Tuesday the United States' Inflation Reduction Act, that promises hundreds of billions of dollars of subsidies to green industries, was a "very real competitive threat". "This is not a time when it's going to be easy for us to access the GDP equivalent of $369 billion," Hunt said, speaking at a green energy conference in London. "We have to remember in that equation that the U.S. is somewhat coming from behind, because the previous president was not remotely interested in net zero," Hunt said in response to a question on the Inflation Reduction Act. "So there is some catch-up element in what the U.S. is doing, but it is a very real competitive threat." Asked when the British government policy response could be announced, Hunt told reporters: "In the next few months, we are not hanging around on this.

☆ France's Macron signals electric car subsidy concern on agenda with Harris
▼ + stars: | 2023-02-18 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +1 min

[1/2] U.S. Vice President Kamala Harris meets with French President Emmanuel Macron at the bilateral meeting at the Munich Security Conference in Munich, Germany February 17, 2023. Michael Probst/Pool via REUTERSMUNICH, Feb 17 (Reuters) - French President Emmanuel Macron signaled on Friday that he would discuss concerns about U.S. electrical vehicle subsidies with Vice President Kamala Harris as they met during the Munich Security Conference. "We are working hard," on the issue, Macron said before their meeting. But a solution from Washington that would be acceptable to France has not been forthcoming in the months since. Reporting by Trevor Hunnicutt and Doina Chiacu; Editing by Alistair BellOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. trade official Tai discussed Inflation Reduction Act with EU's Dombrovskis
▼ + stars: | 2023-02-17 | by ( Kanishka Singh | ) www.reuters.com time to read: +1 min

WASHINGTON, Feb 17 (Reuters) - U.S. Trade Representative Katherine Tai on Friday met with European Union Executive Vice President Valdis Dombrovskis and discussed the U.S. Inflation Reduction Act, Tai's office said in a statement. The legislation excludes electric vehicles assembled outside of North America from tax credits in the United States. European nations are not the only ones who have raised concerns with the Inflation Reduction Act. Tai and Dombrovskis also discussed the ongoing negotiations for a global arrangement on sustainable steel and aluminum and agreed to remain in close contact as negotiations continue in 2023, the USTR office added. Reporting by Kanishka Singh in Washington; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

☆ Bigger utilities to benefit most from Biden's clean-energy funds
▼ + stars: | 2023-02-07 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

The Biden administration's $430 billion Inflation Reduction Act devotes billions of dollars for tax credits and direct payments for solar, wind, battery and other energy sources to move electric power supplies from fossil fuels. Regulated utilities including Duke Energy Corp (DUK.N) and Dominion Energy Inc (D.N) begin reporting fourth-quarter results this week and analysts expect them to lay out plans for capitalizing on the IRA. NextEra, the biggest U.S. generator of renewable energy, has a backlog of 16,500 megawatts of renewables projects. The parent of Florida Power and Light has added 25% to that backlog in the last year, executives have said. Solar projects in sunny states in the south and southwest and wind projects in the Midwest are among the best situated to collect IRA dollars, she said.

☆ Green subsidy race may be what the world needs
▼ + stars: | 2023-02-06 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

Elsewhere carbon taxes are low and patchy, as in China, or virtually non-existent, as in the United States. RACE TO THE TOPThat said, the prospects for combating climate change are much better now that America is throwing money at green technologies. Competition between China, the United States and the EU to supply this kit will also benefit consumers in other parts of the world. The United States could align its green subsidies with its “friendshoring” plan, which aims to build up supply chains in friendly countries. Even with such supporting policies, a global green subsidy race will remain a second-best option.

☆ Explainer: Why the U.S. Inflation Reduction Act has rattled Europe
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +4 min

BRUSSELS, Feb 1 (Reuters) - The European Commission presented its Green Deal Industrial Plan on Wednesday in response to the U.S. Inflation Reduction Act (IRA), with increased levels of state aid to help Europe compete as a manufacturing hub for clean tech products. The Treasury is set to provide guidelines in March for electric vehicles bought by consumers, but there appears less room for manoeuvre. The European Commission and the White House have set up a high-level task force to discuss the issue. France has led calls for Europe to respond with state support of its own for European companies, including through a "buy European act" and large-scale subsidies. Longer term, the European Commission says it will propose a European Sovereignty Fund, but it is unclear how it will operate and how it will be funded.

BRUSSELS, Jan 30 (Reuters) - Producers of clean technologies like renewable hydrogen and batteries could receive faster permits under European Union plans to support industries facing U.S. and Chinese competition, a draft document showed on Monday. Specific projects considered important to developing clean technology supply chains could also receive speedier permits, said the draft, which could still change before it is published. Potential options include batteries, carbon capture and storage, renewable energy, renewable hydrogen, energy storage, and low-carbon construction technologies, although the EU will assess which projects to make eligible, the draft said. The EU would also set goals to expand these industries by 2030, to ensure they keep up with Europe's growing needs for clean energy and products. Brussels is looking to create more EU-wide standards for clean technologies - potentially by defining requirements for net-zero emissions products, which could then guide national governments' public procurement of such goods, the draft said.

☆ India, U.S. establish new trade group to bolster supply chains
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

[1/2] U.S. Trade Representative Katherine Tai and India's Minister of Commerce and Industry, Piyush Goyal, poses for a picture before the start of their meeting in New Delhi, India, November 22, 2021. REUTERS/Adnan Abidi/PoolNEW DELHI, Jan 12 (Reuters) - India and the United States have established a new working group to build sustainable supply chains and boost bilateral trade, the governments said in a joint statement on Thursday. The United States will also consider India's interest in the restoration of beneficiary status under the U.S. generalized system of preferences program, the statement added. The Trade Policy Forum, revived in 2021 after a gap for four years, will reconvene on a ministerial level before end of 2023. The two countries said they mean to continue to work together on resolving outstanding trade issues.

☆ German economy ministry calls for joint EU response to U.S. inflation act
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Dec 9 (Reuters) - Germany wants a joint European response to the U.S. Inflation Reduction Act that would involve simplifying rules on state support and expanding funding opportunities, according to a German economy ministry document seen by Reuters on Friday. The ministry document also suggests member states could anchor sustainability criteria more firmly in public tenders at the national level as well as extend or increase traditional subsidy programmes, but warned against local content requirements which favour domestic industry. These would not only likely contradict World Trade Organization (WTO) law, according to the document, but also contribute to "a further erosion of the world trade order". The EU and Washington have established a joint task force in hope of resolving the dispute over the $430 billion act. (This story has been corrected to specify that the document is from the economy ministry, not finance ministry; and to clarify in the headline that the ministry calls for, not lays out, a joint response.)

☆ The world can harness trade to save the planet
▼ + stars: | 2022-11-21 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

But the right trade policies can also do a lot to save the planet. The first step is to have even-handed carbon tariffs. The World Trade Organization is worried that imposing carbon tariffs in an uncoordinated way could damage global trade and is working on a framework to avoid this. Global trade is struggling following the Covid-19 pandemic, Russia’s invasion of Ukraine and tension between China and America. By COP28, they and other countries should drive forward trade policies to save the planet.

☆ Guest view: Climate finance club hands over baton
▼ + stars: | 2022-11-08 | by ( Huw Van Steenis | ) www.reuters.com time to read: +7 min

A year after financial institutions joined forces to lower carbon emissions as part of the Glasgow Financial Alliance for Net Zero, the initiative faces criticism from all sides. But the initiative is starting to hit the limits of what financial institutions can achieve through voluntary cooperation. Chief executives of financial institutions worry that participating in GFANZ opens them up to accusations of anti-competitive behaviour and litigation risk. It’s for politicians to set the legislative framework and financial institutions to abide by it. This could double or treble by increasing development banks’ capital, by changing their capital frameworks and mandates, or through smarter public-private partnerships.

☆ How Joe Biden can help save the planet at COP27
▼ + stars: | 2022-11-07 | by ( Hugo Dixon | Andre Cabette Fabio | ) www.reuters.com time to read: +7 min

States such as Pakistan will also complain that they are already suffering the consequences of climate change despite having done very little to cause it. PULL IT TOGETHERAmerica and other rich countries have a series of policies which could accelerate the just transition across the Global South. Developing and emerging economies, excluding China, need $1 trillion a year in investment, according to a new report from the Rockefeller Foundation. And they need help adapting to the ravages of climate change. If America and other rich countries negotiate a whole-economy transformation with India, they will kill two birds with one stone.

☆ VIEW Canada cuts 2023 GDP forecast but says economy to avoid recession
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +3 min

TORONTO, Nov 3 (Reuters) - Canadian Finance Minister Chrystia Freeland on Thursday unveiled an economic update, slashing 2023 real GDP forecast to 0.7%, but said the economy would avoid a recession, while announcing C$11.3 billion ($8.2 billion) in new spending this fiscal year and next. The so-called Fall Economic Statement also proposes a refundable tax credits for clean technologies, a 2% tax on share buybacks, among others. STORIES: read more read moreLINK:https://budget.gc.ca/fes-eea/2022/report-rapport/FES-EEA-2022-en.pdfCOMMENTSRANDALL BARTLETT, SENIOR DIRECTOR OF CANADIAN ECONOMICS AT DESJARDINS"As expected - big windfall to revenues coming from higher inflation and a stronger economy, tighter labour market." We know that once you add in provinces we're up closer to C$23 billion (in affordability measures)." Reporting by Fergal Smith, Ismail Shakil Editing by Denny ThomasOur Standards: The Thomson Reuters Trust Principles.

☆ Canada to set up tax credits for clean tech, launch growth fund
▼ + stars: | 2022-11-03 | by ( Rachel Parsons | ) www.reuters.com time to read: +2 min

OTTAWA, Nov 3 (Reuters) - Canada will introduce refundable tax credits for clean technologies worth up to 30% of investment costs, in a bid to close competitive gaps with the United States in scaling up green technologies, the government said on Thursday. The clean-tech tax credits will be offered for investors in net-zero technologies, battery storage and clean hydrogen, according to the so-called fall economic statement (FES) presented to the House of Commons by Finance Minister Chrystia Freeland. The tax will generate an estimated C$2.1 billion over five years and will come into force on Jan 1, 2024. "In terms of trying to foster business investments, I don't think it's well targeted," said Robert Asselin, senior vice president of policy at the Business Council of Canada. In next year's budget, Canada will introduce new measures to increase advanced manufacturing competitivness, the document said.

Inflation has edged down over the last three months to 6.9% in September from 8.1% in June. The fiscal update showed "significantly weaker growth" next year that previous forecast, but the baseline numbers did not foresee a recession. It also cut its deficit forecast for this fiscal year by almost a third to C$36.4 billion from the C$52.8 billion deficit forecast in April. The update also included a tax on corporate stock buybacks similar to a measure introduced by United States. The fiscal update document forecast Canada's debt-to-GDP ratio would be 42.3% in 2022/23, versus 45.1% forecast in April, falling to 37.3% in 2027/28.

☆ Canada's fiscal update won't make central bank's job harder -sources
▼ + stars: | 2022-10-27 | by ( Steve Scherer | ) www.reuters.com time to read: +3 min

OTTAWA, Oct 27 (Reuters) - Canada's Liberal-led government will keep its powder dry when it unveils a fiscal update next month, and though it could contain additional targeted spending, it will not make the central bank's job harder, two senior government sources told Reuters this week. "The FES will not make the Bank of Canada's job of fighting inflation harder," said one source. "It behooves the federal government to continue to demonstrate some responsible fiscal stewardship right now," said a first source familiar with the draft document. Neither source would elaborate on where any "targeted" spending might go. The government's limited spending plans will be a relief to investors, as it would further aid the Bank of Canada's efforts to fight inflation.

A tanker truck used to haul oil products operates at an oil facility near Brooks, Alberta, Canada April 18, 2018. Oil and gas is Canada's highest-polluting sector, but also contributes around 7.5% annually to national GDP and is a major employer in Alberta. The province has already "invested or committed" C$1.8 billion ($1.3 billion) to develop CCS, Puddifant said. Over the last decade, the Alberta government has invested in infrastructure including the Quest carbon capture project, operated by Shell (SHEL.L) and the Alberta Carbon Trunk Line. In March, Alberta picked six proposals to move forward on developing a carbon storage hub near Edmonton.

☆ Canada promises industry it will respond to U.S. inflation act
▼ + stars: | 2022-10-19 | by ( Ismail Shakil | ) www.reuters.com time to read: +2 min

OTTAWA, Oct 19 (Reuters) - Canada must strengthen its incentives meant to help industry scale up clean technologies after the United States passed massive investments in August to accelerate the green transition there, the finance minister said on Wednesday. The Inflation Reduction Act (IRA) was signed into law by U.S. President Joe Biden and contains incentives for consumers and businesses as the United States seeks to drastically cut its carbon emissions. Register now for FREE unlimited access to Reuters.com RegisterThere are "elements" of the IRA that Canada needs to "respond to," she said. Canada should avoid new stimulus in the FES, analysts told Reuters last week. Governments in Europe and Asia have raised complaints about parts of the act impacting their industries.

BlackRock, which manages around $8 trillion in assets, said Transition Capital would work with portfolio managers and BlackRock's capital markets team to find and back "proprietary transition-focused opportunities" across asset classes and geographies. The group would also work with BlackRock colleagues to develop new investment strategies and funds, and help deepen the company's research in the area, the memo said. The new unit will be part of BlackRock Alternatives and run by Dickon Pinner, who previously led on sustainability at consultant McKinsey, where he advised on the transition, the memo said. Pinner will report jointly to Edwin Conway, Global Head of BlackRock Alternative Investors, and the company's vice-chair, Philipp Hildebrand. As well as joining the BlackRock Alternatives Executive Committee, Pinner will also sit on senior sustainability committees, the memo said.

☆ Ukraine has more pluses than minuses for climate
▼ + stars: | 2022-09-26 | by ( Hugo Dixon | ) www.reuters.com time to read: +8 min

This new “dash for gas” could lock in irreversible global warming or create a mass of stranded assets, according to Climate Action Tracker. Register now for FREE unlimited access to Reuters.com RegisterZOMBIE DIPLOMACYAs if this is not enough, climate diplomacy has broken down. Dialogue between Xie Zhenhua and John Kerry, the two countries’ top climate diplomats, created momentum around last year’s COP26 talks. The agency now expects global gas demand between 2021 and 2025 to rise by less than half the amount it previously forecast. The world is heading to at least 2.4 degrees of warming, if not more, according to Climate Action Tracker.

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