Billions of dollars in clean energy incentives are poised to speed investment on American soil while putting the European Union's energy transition at risk by luring away money and talent, executives at the CERAWeek energy conference said this week.
On Wednesday, U.S. Energy Secretary Jennifer Granholm said the Biden administration makes no apologies for the IRA, and challenged EU allies to follow the U.S. lead by providing more subsidies of their own.
Patrick Pouyanne, CEO of French energy giant TotalEnergies told the conference the IRA was an "invitation to accelerate green infrastructure." Takajiro Ishikawa, chief executive of Mitsubishi Heavy Industries Americas, also said the IRA is an investment magnet. "You have Uncle Sam paying you for that tax incentive... it's earth-shattering," said Ishikawa, whose firm is involved in hydrogen development and carbon capture and sequestration.
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