Skip to main content

The US makes no apologies.

The U.S. "makes no apologies" for prioritizing American jobs as it seeks to take a leading role in the

New York
global race for green energy, a White House official responsible for a $369 billion push to fund the effort said. In an interview with Financial Times, Joe Bidens top clean energy advisor, John Podesta, dismissed criticisms that the Americas Inflation Reduction Act will distract from investments and harm the economy of Europe.

He said allies critical of the IRA should "welcome U.S. leadership". Podesta said: "We do not apologize that American taxpayer dollars should go into American investments and jobs. Podesta called for Europe to shoulder responsibility for developing its green energy sector. "We want to see a European industrial base succeed, but some of that job has to be done in Europe, he added. "We are going to do only some of that for them.

Since the last year IRA passed, more than $90 billion of green investments has flowed to the U.S., including $369 billion worth of tax credits, grants, and loans to increase renewables and cut emissions. But EU policymakers worry the size of the subsidies may undercut the blocs' efforts to attract green investments, and French President Emmanuel Macron has warned the IRA may "fragment the West". 

www.sba.tax

Labels:

Comments

  1. Harry26 February 2023 at 12:08

    It's time the EU stopped complaining and started creating ways to attract companies to want to invest in the EU space. It's normal the US would try to push for green energy and do everything it can to speed it along. The EU needs to do the same.

    ReplyDelete
    Replies
    1. Paul26 February 2023 at 13:04

      The EU needs to put money where their mouth is and stop blaming the US. At the end of the day every country/region wants to attract as many companies in their area as possible.

      Delete
  2. Gracie26 February 2023 at 16:07

    Podesta is right. The US can't be expected to not invest in growing American investments and jobs. This is and should be their main priority.

    ReplyDelete
    Replies
    1. Quentin26 February 2023 at 16:36

      As it should! Of course a country, any country must first take care of their own people and then see how they can help others. If the country is not strong then they won’t be able to help anyone else.

      Delete

Post a Comment

Cloud Bookkeeping

HS2 cost cuts new routes and add delays.

 Trans­port depart­ment offi­cials have begun work on «Project Sil­ver­light» sug­gest­ing the high­speed rail scheme might face four addi­tional years of delay. The planned High Speed 2 rail line faces fur­ther delays of up to four years and more cuts to the project under plans being drawn up by min­is­ters to rein in its bal­loon­ing costs. The extra delays to the coun­try’s biggest infra­struc­ture project would mean that it would not be com­pleted until as late as 2045 — 12 years after ori­gin­ally planned. «This is a func­tion of infla­tion; we are hav­ing to find huge sav­ings because the cost of everything the depart­ment is already doing will have become so much more expens­ive by then,» said one gov­ern­ment offi­cial. In Octo­ber, the FT repor­ted that the Treas­ury had asked HS2’s man­age­ment team to identify poten­tial cuts or «scope reduc­tions» to the high-speed line. Trans­port depart­ment offi­cials have sub­sequently begun work on Project Sil­ver­light aimed at fi...
4 comments
Read more

Doubt on CS's collateral.

  Credit Suisse provided an emergency $140mn loan to Greensill Capital based partly on invoices to companies that deny ever doing the business stated on the documents. The Swiss bank provided the loan in October 2020, less than five months before the collapse of Greensill, a supply chain finance firm that counted former British prime minister David Cameron as a senior adviser. Invoices issued by metals magnate Sanjeev Gupta’s Liberty Commodities and sold to Greensill formed part of the collateral for the loan, according to documents seen by the Financial Times and people familiar with the transaction. Yet several of the parties named on the invoices have told the FT they did no business with Liberty. GFG has consistently denied any wrongdoing. Credit Suisse’s loan had a clause dictating that the collateral value had to be equal to or greater than the $140mn borrowed. The terms of the debt agreement only allowed invoices on Green-sill’s balance sheet to count towards this tally if t...
2 comments
Read more

Small business will be excluded from fraud law.

  Min­is­ters are plan­ning to exclude small busi­nesses from anti-fraud legis­la­tion by nar­row­ing the scope of a crim­inal offence tar­get­ing com­pan­ies that fail to pre­vent eco­nomic crimes. MPs and anti-cor­rup­tion cam­paign­ers had hoped the gov­ern­ment would seek to amend the eco­nomic crime and cor­por­ate trans­par­ency bill to ensure the new offence covered all com­pan­ies. The plans to limit the scope of the amend­ments will also dis­ap­point those who had hoped the legis­la­tion would remove key hurdles to the pro­sec­u­tion of white-col­lar crime. A new «fail­ure to pre­vent» offence for fraud would bring it in line with exist­ing sim­ilar cor­por­ate offences for bribery and tax eva­sion. At present, pro­sec­utors need only prove that organ­isa­tions lacked «reas­on­able» or «adequate» con­trols to pur­sue the offence in bribery and tax eva­sion cases. «It would be much more sens­ible for the gov­ern­ment to provide strong guid­ance for SMEs on what these pro­ce...
3 comments
Read more