Speaking at an industry conference in Berlin on 31 October, Wally Adeyemo, US Deputy Secretary of the Treasury, was keen to defend the Inflation Reduction Act (IRA) against its European critics, saying that it “contributes to our collective efforts to tackle climate change and promote energy security”.
“I think one of the misconceptions around the IRA is that it signals a return to American protectionism or the start of a subsidy race. It will be neither”, he declared, while the...