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Germany’s Scholz Backs Joint EU Funding to Counter US Aid

  • Scholz’s SPD supports strong EU response to US climate act
  • SPD lawmakers call for more joint EU financing of green tech
Olaf Scholz
Olaf ScholzPhotographer: Sean Gallup/Getty Images
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German Chancellor Olaf Scholz and his Social Democrats will call for the European Union to create new joint financing instruments to help member states compete against increased US subsidies for green technology.

Scholz’s Social Democrats want to see a reform of the EU’s existing state-aid rules and more funds to match the US green-aid push, according to a draft paper on European industrial strategy seen by Bloomberg.