Can The US & Its Allies Compromise On Climate Pacts?
The Inflation Reduction Act does not define the term “free trade agreement,” which has spurred all kinds of tension between the US and its Allies.The US and its allies are trying to agree on climate pacts to resolve major international tensions over the Inflation Reduction Act .
In March, negotiations began over an agreement focusing on the critical minerals that go into electric vehicle batteries with the EU, UK, and Japan to determine if some type of limited new agreement could be struck that would also offer companies abroad certain benefits under the law.at-scale solar, wind, nuclear, carbon capture, and other alternatives to fossil fuels. It can make it easier for businesses to make the switch through rebates or tax credits.
You see, if a consumer is to receive a tax credit toward an EV purchase, the selected EV must be assembled in North America with battery materials sourced from North America — or at least from countries with which the US has a free trade agreement. Here’s the rub: the US doeshave a free trade agreement with the EU, Japan, or the UK.
Accelerating the energy transition, reducing dependence on fossil fuels, and reducing energy consumption, they say, are key to strengthening energy security and countering attempts to weaponize energy. An agreement might allow a company based in the EU to supply lithium, nickel, or other battery materials for EVs made in North America. One irony is that neither the EU nor the US is a major source of the critical minerals needed for EV batteries.
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