While many of the delegates at the World Economic Forum’s annual meeting this year used the event as an opportunity to encourage cooperation, the issue of protectionism forced some difficult conversations in Davos
While many of the delegates at the World Economic Forum’s annual meeting this year used the event as an opportunity to encourage cooperation, driving home the theme of “Cooperation in a Fragmented World,” the issue of protectionism forced some difficult conversations in Davos, as the world’s biggest economies grapple with the question of how to address the climate and energy crises.
On the final day of the summit on Friday, during a panel on the economic outlook for the year ahead, International Monetary Fund chiefurged delegates to “keep the global economy integrated for the benefit of all of us.” But while the spirit of working together was woven through the entire Alpine event this year, there was one major sticking point.
Tense conversations have been taking place over the past week about the U.S. Inflation Reduction Act. The climate, tax, and health bill has been viewed by some in Europe as a protectionist policy that threatens some European industries, due to incentives included in the plan, such as tax credits for American-built electric cars.defended the bill and sought to reassure European allies.
Manchin couched progress on clean energy as a win-win for the U.S. and its partners across the pond. “If you really want a clean environment, a cleaner environment, and some calming of geopolitical unrest that we have, you better be able to do it quicker, faster, and better than any place in the world, and then share it with your friends,” he said. “That’s what we’re going to do.
“If we are all competing over who can accelerate a transition towards renewables more rapidly, who can be the biggest leader in storage and transmission technologies, that is a very healthy kind of competition, relative to all the kinds of competition the world has seen,” he said. “So yes, let’s compete on that.”set out the E.U.’s plans to attract green tech and climate-related investment on Tuesday, which many viewed as the bloc’s answer to the IRA. But she indicated that Europe and the U.S.
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