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Financial Times
Financial Times
Business
Sam Fleming, Alice Hancock and Javier Espinoza in Brussels

Can the EU keep up with the US on green subsidies?

Companies developing cleaner energy have been boosted by Joe Biden’s initiative, putting pressure on Brussels, under European Commission president Ursula von der Leyen © FT montage: Getty Images/EPA-EFE/Shutterstock

Donal O’Riain has been struck by the welcome his company received in the US — and it isn’t just the Christmas card sent by the Department of Energy official who is helping it secure federally supported loans.

The prospect of abundant government funding thanks to the Inflation Reduction Act is prompting Ecocem, an Irish low-carbon cement producer, to double a planned $120mn investment in California as it reorients spending towards the US instead of Europe, he says.

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