US, EU Spar Over Tax Breaks in Climate Legislation
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The Inflation Reduction Act passed by the US Congress last August has been heralded as one of the most significant pieces of green legislation in a generation, but its impact on diplomatic relations has been as toxic as nitrogen dioxide.
On Sunday, the European Union's top competition enforcer Margrethe Vestager told the Financial Times the bloc is urging its biggest ally to reconsider the law's generous tax incentives for domestic producers, which it says could lead European companies to earning a lot less green.