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☆ U.S. manufacturers see big boost from government subsidies and tax breaks
▼ + stars: | 2023-02-23 | by ( Timothy Aeppel | ) www.reuters.com time to read: +9 min

While the Biden administration push, described by economists as an industrial policy, has opened opportunities for some companies, significant hurdles remain. Eight out of 12 Republican representatives in Ohio’s congressional delegation voted in favor of federal subsidies for semiconductor production, including the funds that will go to Intel. The 2022 CHIPS and Science Act provides $52.7 billion in federal subsidies for semiconductor production and research. Scott Lincicome, director of general economics at the libertarian Cato Institute, said industrial policy tends to crumble into failed projects and cost overruns. "There's all sorts of more market-oriented reforms that could achieve the type of objectives our political class wants, without the unintended consequences of industrial policy," he said.

Benchmark EU carbon permit prices hit 100 euros per tonne of CO2 on Tuesday, the highest since the scheme launched in 2005. The largest project being developed in the Netherlands secured national funding to bridge the gap between costs and the CO2 price. The United States does not have a nationwide carbon price, although states including California do. An EU carbon price of 100 euros adds 30-40 euros to the cost of a tonne of primary steel production, according to Eurofer. For example, blast furnace-based steelmakers were given around 80% of their CO2 permits, commodity industry analysis firm CRU said.

☆ Economic war with China would be MAD
▼ + stars: | 2023-02-14 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

Hopefully, fear of the economic equivalent will do a similar trick when it comes to a showdown with China. To see whether MAD will be enough to prevent war between America and China, look at just how disastrous such a conflict – which could be triggered by a Chinese invasion of Taiwan - would be. THREE SCENARIOSA Chinese invasion of Taiwan would lead to economic repercussions of a totally different order. A Chinese invasion of Taiwan would be hellish, but some scenarios would be especially ghastly from an economic perspective. Despite all these concerns, America might run the risk of economic war.

☆ Europe's spend on energy crisis nears 800 billion euros
▼ + stars: | 2023-02-13 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

BRUSSELS, Feb 13 (Reuters) - European countries' bill to shield households and companies from soaring energy costs has climbed to nearly 800 billion euros, researchers said on Monday, urging countries to be more targeted in their spending to tackle the energy crisis. European Union countries have now earmarked or allocated 681 billion euros in energy crisis speding, while Britain allocated 103 billion euros and Norway 8.1 billon euros since September 2021, according to the analysis by think-tank Bruegel. Germany topped the spending chart, allocating nearly 270 billion euros - a sum that eclipsed all other countries. Britain, Italy and France were the next highest, although each spent less than 150 billion euros. Germany has faced criticism over its mammoth energy aid package, which far outstrips what other EU nations can afford.

☆ Morgan Stanley's first ETFs come with an ESG focus despite political pushback
▼ + stars: | 2023-02-07 | by ( Jesse Pound | ) www.cnbc.com time to read: +2 min

The six new offerings of U.S. and international stock funds and a short-term bond fund from Calvert, part of Morgan Stanley Investment Management (MSIM), is built with ESG considerations in mind. The last three quarters of 2022 were very difficult," said Anthony Rochte, global head of ETFs at Morgan Stanley Investment Management. While the number of ESG funds is growing rapidly, Calvert distinguishes itself by conducting its own ESG scoring rather than relying on an index provider's system, Rochte said. And it goes back to the differentiation and the active process they employ in designing the Calvert principles," Rochte said. Over time, Morgan Stanley will look at launching ETFs beyond the Calvert brand, Rochte said.

☆ Americans are pessimistic. With 2024 looming, Biden can't afford to squander the State of the Union.
▼ + stars: | 2023-02-07 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +5 min

His State of the Union address will likely highlight his administration's wins thus far. Biden has some real wins to tout — but he's running out of timeTonight, Biden will have the best opportunity of the year to bridge this divide. True, fewer Americans are watching State of the Union addresses than in the past. Presidents are supposed to say the state of the union is strong, while the opposition party casts a more dour outlook. Even as Americans are largely satisfied with their quality of life, they're still pessimistic about the general direction of the country.

☆ 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.

For the last three years, the 66-year-old has built up the "Toyota Times", hiring Japanese journalists and ramping up coverage of the company to counter what he sees as persistent misinformation and unfair criticism. "What I find unfortunate is that the media often thrives on conflict, setting BEVs against hybrids, for example," Toyoda said on the Toyota Times recently. After almost an hour of scripted presentations and banter, the Toyota Times host turned to questions from reporters. Toyoda has increasingly appeared to eschew traditional media as the company fell out of favour with environmentalists who once lauded its green technology. The Toyota Times also exclusively publishes the closely watched results of the company's spring wage negotiations with its union.

☆ EU debt fears hinder U.S. green subsidies riposte
▼ + stars: | 2023-01-24 | by ( Rebecca Christie | ) www.reuters.com time to read: +4 min

That ties von der Leyen’s hands. Since September, von der Leyen has been pushing a “solidarity fund” to offset the imbalances that could arise out of freer-flowing EU subsidies. To move ahead, von der Leyen will just have to scatter some seeds and see what grows. Follow @rebeccawire on TwitterCONTEXT NEWSEuropean Commission President Ursula von der Leyen gave a Jan. 17 speech at Davos on her forthcoming green technology strategy. Von der Leyen has since September been advocating for a “solidarity fund” to help smaller countries keep up with their bigger, richer peers.

☆ France's finance minister: Europe needs to invest in its own green technology
▼ + stars: | 2023-01-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFrance's finance minister: Europe needs to invest in its own green technologyFrench Minister of Economy and Finance Bruno Le Maire discusses the importance of decarbonizing the economy and what the region should do to reconcile growth and climate concerns.

☆ Spain, France champion Europe's industry in bilateral summit
▼ + stars: | 2023-01-19 | by ( Joan Faus | ) www.reuters.com time to read: +2 min

BARCELONA, Jan 19 (Reuters) - U.S. efforts to boost green technology should not lead to the dismantling of Europe's industry, Spanish Prime Minister Pedro Sanchez said on Thursday after signing a new bilateral treaty with French President Emmanuel Macron in Barcelona. The industrial references come amid an intense debate within the European Union on how to respond to government support measures under the U.S. Inflation Reduction Act (IRA). "We need to accelerate our green technology, and our 'Made in Europe' strategy," he said. About 6,500 Catalan separatists protested outside the museum where the summit took place against Sanchez's position on independence, according to police estimates. Catalonia's regional leader Pere Aragones greeted Sanchez and Macron before the summit, but left before both countries' anthems were played.

☆ 5 key takeaways from Climate Week NYC 2022
▼ + stars: | 2023-01-17 | by ( Sponsor Post | Created Hitachi With Insider Studios | ) www.businessinsider.com time to read: +5 min

The importance of addressing climate change has never been greater. No single business or organization can tackle climate change on its own. On the first day of Climate Week NYC, industry experts gathered to discuss what's stopping us from getting climate action done. Helping small and medium-sized customers optimize their climate efforts allows companies with the resources and reach of Hitachi to extend climate action beyond their current offerings. Discover how Hitachi is getting it done by driving climate action through its sustainable technologies and solutions.

☆ These Hollywood celebs and an NFL Hall of Famer want you to electrify your home to help solve the climate crisis
▼ + stars: | 2022-12-28 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +6 min

GoodLeap is the largest financier of residential solar loans in the US, with 28% of the market. The former NFL tight end and Pro Football Hall of Famer told Insider he often reflected on whether, in life's final moments, he'd be proud of his choices. Gonzalez, who's also invested in plant-based-food companies like Beyond Meat, told Insider the climate crisis was the most important issue of his — and his children's — lifetime. GoodLeap is the top provider of residential solar loans, with a 28% share of the market. "Part of my work has always been making sure folks who typically are unconsidered are considered," DeBerry told Insider.

☆ Italy urges EU to give strong and strategic response to U.S. IRA
▼ + stars: | 2022-12-17 | by ( ) www.reuters.com time to read: 1 min

ROME, Dec 17 (Reuters) - Italy's economy minister on Saturday urged the European Union to give a strong and strategic response to the U.S. Inflation Reduction Act (IRA), which he said was posing threats to the national economy. "Some Italian companies are considering moving production to the U.S. following the IRA scheme, it would be a disaster," Economy Minister Giancarlo Giorgetti said at an event in Rome. The EU fears that the $430 billion IRA scheme, with its generous tax breaks for domestic production of energy sector components, may lure away EU businesses and disadvantage European companies, from car manufacturers to makers of green technology. Reporting by Angelo Amante and Giuseppe Fonte, Editing by Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

ROME, Dec 17 (Reuters) - The prospect of subsequent hikes in interest rates by the European Central Bank is worrying for highly indebted countries like Italy, its economy minister said on Saturday. "We have benefited as a country for several years of a favourable situation, with interest rates close to or below zero, and this is now changing," Economy Minister Giancarlo Giorgetti said speaking at an event in Rome. Ministers of the Italian rightist government criticised the European Central Bank, which raised the financial pressure on one of the euro zone's most indebted countries. Deputy Prime Minister and League leader Matteo Salvini branded the ECB's conduct "unbelievable, baffling, worrying", while Defence Minister Guido Crosetto said the move risked helping Russia to undermine Western solidarity for Ukraine. "Some Italian companies are considering moving production to the U.S. following the IRA scheme, it would be a disaster."

☆ 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.)

☆ Italy urges EU subsidy package in response to U.S. IRA scheme
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

ROME, Dec 5 (Reuters) - Italian Economy Minister Giancarlo Giorgetti on Monday called for a common European Union approach to support competitiveness and protect strategic production, in response to the massive subsidies in the United States' Inflation Reduction Act (IRA). The EU fears that the $430 billion IRA scheme, with its generous tax breaks for domestic production of energy sector components, may lure away EU businesses and disadvantage European companies, from car manufacturers to makers of green technology. "We are in favour of a European IRA plan with the objective of reducing inflation," Giorgetti said in a statement issued on the sidelines of a meeting with fellow euro zone finance ministers in Brussels. Giorgetti said the EU should act in a united fashion rather than follow a country-by-country approach. Reporting by Giuseppe Fonte; Editing by Gavin Jones and Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

☆ EU to adapt state aid schemes in response to U.S. subsidy package, von der Leyen says
▼ + stars: | 2022-12-04 | by ( ) www.reuters.com time to read: +1 min

BRUSSELS, Dec 4 (Reuters) - The EU will adapt its state aid rules to prevent an exodus of investment triggered by a new U.S. green energy subsidy package, the bloc's chief executive said on Sunday. "Competition is good ... but this competition must respect a level playing field," European Commission President Ursula von der Leyen said in a speech in the Belgian city of Bruges. "The (U.S.) Inflation Reduction Act should make us reflect on how we can improve our state aid frameworks and adapt them to a new global environment," she added. The topic is one of several on the agenda of the EU-U.S. Trade and Technology Council meeting on Dec. 5. Reporting by Sabine Siebold and Riham Alkousaa; Editing by Gareth Jones and David HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Lawmaker says EU should complain to WTO over U.S. Inflation Reduction Act
▼ + stars: | 2022-12-04 | by ( ) www.reuters.com time to read: +1 min

Dec 4 (Reuters) - The European Union should file a complaint with the World Trade Organization (WTO) in the next few months regarding the United States' green energy subsidy package, the head of the European Parliament's trade committee was reported as saying on Sunday. The U.S. and the EU have so far sought to be conciliatory about the bill, saying last week they would seek to tackle the bloc's concerns about the package, known as the U.S. Inflation Reduction Act. EU members worry the $430 billion bill, with generous tax breaks for U.S. companies, may disadvantage European companies from car manufacturers to makers of green technology. read moreOfficials from both sides are due to address the issue at a meeting next week, but Bernd Lange, the chair of EU parliament's trade committee, said he no longer expects a negotiated solution as only small changes could still be agreed through talks. Reporting by Riham Alkousaa; Editing by Frank Jack DanielOur Standards: The Thomson Reuters Trust Principles.

☆ Fund manager discusses investing in green technology
▼ + stars: | 2022-12-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGreen tech: Look at what funds do instead of what they say they do, fund manager saysTineke Frikkee of Waverton Investment Management discusses energy security and investing in green tech.

But a new U.S. law offering hefty subsidies to local manufacturers of green technology has given the company pause for thought. That is roughly four times what the German government is offering, he said, with cheaper energy prices in the United States on top. The act introduces tax credits related to investment in green technology, plus tax breaks for consumers buying an electric vehicle or other green product made in North America. German carmakers and suppliers, for which the United States is a main export market, are among its biggest victims. "If we don't do anything, a lot will emerge in the United States," said Siemens Energy (ENR1n.DE) Chief Executive Christian Bruch.

☆ Great American Land Rush: US Needs Lots of Land for Green Energy, Housing
▼ + stars: | 2022-11-15 | by ( Matthew Kahn | Robert Huang | ) www.businessinsider.com time to read: +14 min

Will we cover 75% of California with green energy tech? Given these existing technological limitations and regulations, the aggregate demand for land to power our future green economy is huge. We would need 120,000 square miles, or 77 million acres, of land to install the wind and solar facilities for the energy transition. As cities expand, rising land prices in these areas would further constrain the location options for green energy generators. The political backlash in rural America could be alleviated if the economic gains from green power are large enough.

☆ 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.

☆ UK PM Sunak to pledge accelerated renewables plan at COP27
▼ + stars: | 2022-11-05 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 5 (Reuters) - British Prime Minister Rishi Sunak will promise to speed up the UK's transition to renewable energy when he addresses the U.N. COP27 summit on climate change on Monday. Sunak made a last-minute decision on Nov. 2 to participate in the climate talks, reversing a plan much criticised by environmental activists and political opponents to skip the annual gathering. "We need to move further and faster to transition to renewable energy, and I will ensure the UK is at the forefront of this global movement." Britain hosted last year's COP26 summit in Glasgow and Sunak will urge leaders to stick to promises they made then. He will hold meetings on energy security, green technology and environmental protection, as well as chairing a discussion on forests and nature.

☆ Could Mexico be on its way to electing its first woman president?
▼ + stars: | 2022-11-03 | by ( ) www.nbcnews.com time to read: +9 min

MEXICO CITY — The most historic legacy of President Andres Manuel Lopez Obrador, a left-leaning resource nationalist who casts his administration as a turning point in the annals of Mexico, may be to pave the way for the country’s first woman leader. President Lopez Obrador’s popularity stems from his personal, austere, simple way of governing,” Sheinbaum said. Many of Lopez Obrador’s biggest public works look increasingly like they will not be completed on his watch. One cloud hanging over MORENA domination is Mexico City, a bastion of the Mexican left which unites the president, Sheinbaum and Ebrard, who succeeded Lopez Obrador as mayor. In May 2021, a Mexico City metro overpass collapsed, killing or injuring dozens of people.

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