But massive green subsidies on offer in the United States -- totalling $370 billion (339 billion euros) -- have unsettled the plans and sent European policymakers scrambling to find a response. Solar panel makers, such as Italy's 3Sun and Meyer Burger from Switzerland have already announced the expansion or installation of new projects in the United States. Officials have floated the possibility of creating a new EU fund to back green industries, but the idea has already been strongly opposed by some member states. "Starting a large-scale and excessive subsidy competition with the United States is not government policy," German Finance Minister Christian Lindner said at the end of January. Similarly, German industry is hoping for a response but has warned against the risks of a trade confrontation with the United States.

Source: Daily Nation February 04, 2023 05:49 UTC