The EU is planning to loosen state aid rules to boost renewables investment. The EU is aiming to get on par with the US green subsidy race. European policymakers have been under pressure to respond to the US president Joe Biden’s $369bn (£298bn) Inflation Reduction Act, which aims to encourage renewables investment in everything from electric cars to wind turbines. BP released a statement lobal carbon emissions were expected to fall quicker than it had previously expected as a result of the war in Ukraine and Biden’s efforts to encourage green investment.
Will EU be able to get on par with US, how far behind are they falling?