He called on the European Union’s major metals producers to follow the White House’s lead in providing financial support to help the bloc maintain control of raw materials essential to the green energy transition.
Eurometaux — which represents major European producers including Glencore Plc, Boliden AB and Auurubis AG — urged the EU to take inspiration from President Joe Biden’s Inflation Reduction Act, which includes billions of dollars in subsidies to stimulate domestic investment in electric vehicles and renewable energy.
Made in Europe
European Union leaders are set to meet in Brussels next month to discuss a response to the controversial US law, with some pushing for a “Made in Europe” approach to help support local businesses.
French President Emmanuel Macron has called for a package from the European Union of up to 2% of its economic output to rival the $370 billion US plan.
“The US inflationary law, while discriminatory, showed what a proactive clean technology industrial policy could look like,” Euromito said in a letter to the European Commission today, Tuesday. “We in Europe should be inspired by its model, offering more carrots and less sticking to our industries Especially in today’s energy crisis.
Eurometaux has proposed five major measures to help develop the industry, including fast-tracking clean energy projects and tax credits to support strategic mineral production.
It also renewed its calls for measures to address high electricity prices, which have led to a sharp reduction in mineral production in the region.
While energy prices have fallen sharply in recent weeks and some smelters are ramping up production back up, Eurometaux said the industry will continue to struggle as energy scarcity continues in the coming years.
The EU has called for the extension of temporary state aid measures, which are due to expire at the end of the year after they were introduced in response to the crisis.