BRUSSELS, Jan 30 (Reuters) - The European Commission
will not propose any new joint EU borrowing on Wednesday when it
presents ideas on how to support Europe's green industry facing
Chinese and U.S. competition, a draft document showed on Monday.
Instead, the draft seen by Reuters offers to re-purpose some
of the money the EU has already agreed to raise jointly for its
post-pandemic recovery fund. It will also loosen state aid rules
to allow governments to support their firms more.
European funding for the green industry - makers of wind
turbines, solar panels, batteries, electric vehicles or hydrogen
- has become an issue after the United States offered $369
billion of subsidies largely for manufacturers based in North
America, threatening to lure away companies away from Europe.
(Reporting by Jan Strupczewski; editing by Philip Blenkinsop)
Messaging: jan.strupczewski.reuters.com@reuters.net))
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.