Leading industrialists have delivered a damning verdict on EU efforts to prevent companies shifting investment to the US, warning the bloc’s competitiveness is rapidly eroding.
Executives from Solvay, Merck and Dow have warned that Europe’s Net Zero Industry Act, announced last week, will not be sufficient to compete with $369bn of green tax incentives and subsidies on offer in the US under President Joe Biden’s Inflation Reduction Act.
“The US has adopted a simple strategy that immediately incentivises businesses to invest while the EU is coming with a political framework that lacks precise elements and misses simple, clear cut reasons for businesses to invest,” said Ilham Kadri, chief executive of Belgian chemicals company Solvay.
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