Europe, the US and China are vying to be the most attractive destination for investment in sustainability
As the global race for renewable energy accelerates, the billions of dollars of subsidies that the US, Europe and China dole out to vie for market dominance are likely to have implications for investors. This year, the EU adopted the Net-Zero Industry Act, which aims to make investing in solar, wind and other clean technologies more appealing. The legislation eases bureaucracy, accelerates project approvals, and targets reaching 50mn tonnes of carbon dioxide storage capacity in Europe by 2030.
In October, China’s biggest electric vehicle maker BYD posted higher quarterly revenues than US rival Tesla for the first time, highlighting how competitive the Asian powerhouse has become. “In Europe, it is pretty clear that it is not just about subsidies but it is also about industry protection now,” Siddi says. China’s top-down central planning for green subsidies cannot easily be replicated by Europe, with its 27 member states.
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