INSEAD Day 4 - 728x90

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Burjeel profit nearly doubles

Healthcare demand drives stronger earnings.

US could change green subsidies rules as EU fears unemployment

John Kerry
US climate envoy John Kerry. (AFP)
  • Washington's landmark Inflation Reduction Act contains $370 billion in subsidies for green energy and tax cuts for US made electric cars
  • Biden defended the act and said it was never intended to disadvantage US allies, and has committed to understanding EU concerns.

LONDON, UK – The United States is open to amending lucrative green subsidies that have drawn transatlantic anger for allegedly encouraging job losses in Europe, US climate envoy John Kerry said.

In a BBC interview from London, broadcast on Saturday, Kerry also signaled unease over the UK government’s decision to permit the opening of a coal mine despite ambitions to slash carbon emissions.

Several EU leaders including French President Emmanuel Macron, during a state visit to Washington, have said the US subsidies are enticing European companies to relocate to the United States.

Washington’s landmark Inflation Reduction Act contains around $370 billion in subsidies for green energy, as well as tax cuts for US-made electric cars and batteries.

“I don’t think you’re going to see it watered down,” Kerry said, insisting the measures were needed to kick-start the climate transition.

“But will you see, where it might be appropriate, if there were some tweak or adjustment that is fair, and not going to prejudice our own efforts?

“I’m confident President (Joe) Biden would consider that,” he said.

Biden defended the act to Macron, but said it was never intended to disadvantage US allies, and has committed to understanding EU concerns.

Kerry also spoke out after Britain this week granted planning permission for a controversial new coal mine in northern England, the first in decades.

The go-ahead for the project in Cumbria was slammed by Greenpeace as “climate hypocrisy”, and Kerry said it risked antagonizing other countries.

Richer countries had to abide by their own climate rhetoric or be portrayed as “do as we say, not as we do”, the US envoy said.

Kerry said he needed more information about the rationale for the mine, which is intended to supply coal for steel plants, including how its emissions might be offset.

“But obviously, we will hear people raise criticisms about it because in general, the idea of mining coal in any form whatsoever is the opposite direction from that which most people are advocating and most people are moving in,” he said.

Kerry conceded that the recent COP27 climate summit in Egypt lacked “collective ambition” to avert the worst-case models for rising temperatures.

But he defended the UN process overall.

“If you didn’t have that kind of a process, you’d have to invent it. Because you need to get every nation on the planet engaged in this dialogue and in this effort.”