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Fortune
Fortune
Peter Vanham, David Meyer

The Europe vs. U.S. battle over green subsidies is a big boon for business

Robert Habeck, Germany's federal minister for economic affairs and climate protection, stands in front of the White House during a TV interview. (Credit: Bernd von Jutrczenka—picture alliance via Getty Images)

Business shouldn’t always pay attention to politics. But if your business is active in green technologies or manufacturing, this week is a good one to tune into the action in Washington and Brussels.

That's because European heads of government are meeting this Thursday and Friday in Brussels to decide if and how the European Commission will respond to America’s Inflation Reduction Act. Europe’s leaders will decide on almost half a trillion dollars in new green subsidies—going to anything from hydrogen to smart grids; from green cement to electric cars.

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