Sky's Ian King explains how the EU and UK are under huge pressure to respond to massive incentives for green energy initiatives in the United States, but asks whether either has the will, or means, to compete.
. Mr Biden's approach to both China and trade disputes more broadly appears very little different from that of his predecessor.
As Ms Vestager put it in her speech on Wednesday:"The reality in the EU today is that not all countries have the same capacity to spend. This means that a subsidy race between the member states will always be inherently unfair." In other words, stand by for a classic dose of EU fudge, aimed at supporting the green economy in the way Mr Biden aims to in the US but that will, in the process, probably involve individual protection or support for favoured groups. An industrial equivalent, if you like, of singling out French cheese producers or Italian olive farmers for special help.
"We believe the UK could lead the world on green growth as we did in setting net zero targets. But we're on the verge of being relegated from the Champions League by the Americans and the Europeans: both in an arms race to win global market share.
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