Automakers have been dining on taxpayer largess for decades. But the IRA, and the EU’s answer to it, have turbocharged the process
VW’s battery subsidiary, PowerCo, was originally going to open a plant in eastern Europe, but told European Union officials it was beingbecause it could receive upwards of 10-billion euros in subsidies under America’s Inflation Reduction Act — a US$369-billion slush fund designed to further the Biden administration’s protectionist and environmentalist goals.
to match American green energy subsidies — and after U.S. officials had engaged in a last-ditch effort to try to get the plant built south of the border. This suggests Canada had given the company an offer it couldn’t refuse.Article contentthat was announced in last year’s budget to attract private investment in green tech.
While it makes sense that the federal government wouldn’t want whatever sweetheart deal it gave to Volkswagen to be used as leverage by other firms, Champagne’s promise that the government will “make that information public in due course” is cold comfort for Canadians hoping we could at least have a national discussion on how much taxpayers will have to shell out to compete in the greatClues about how much it would cost Canada to match IRA subsidies can be gleaned from a recent working paper...
from Clean Prosperity and the Transition Accelerator, a plant that size located in Tennessee would be eligible for $921 million more per year in subsidies than one in Ontario.Article content
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