Bill Gates fund chief: Europe must ‘wake up’ to cleantech industry concerns amid lure of US
Cleantech industry ‘flourishing’ in Europe but continent’s support for sector lags behind US in some respects
Europe must “wake up” to the concerns of the cleantech industry on the support it needs to flourish, says a Breakthrough Energy director, amid the continuing lure of US “carrots” that are pulling some businesses across the Atlantic.
There are “a lot more carrots” in the US, she said, as opposed to “carrots and sticks” in Europe.
The predictability of the IRA and its support mechanisms “is the key,” said Reinaud, as businesses and investors are naturally drawn towards “predictable and economic” environments.
Speaking at the Breakthrough summit in London this week, which has brought together cleantech investors and start-ups from around the world, Reinaud said while she has not necessarily seen businesses move wholesale to the US some have decided “I'm actually thinking of two plants,” one on either side of the Atlantic.
“There are certain areas where just economically it makes most sense to go into the US because of the IRA,” she said.
“That's where Europe really needs to wake up,” she said, listening to not just the cleantech community but corporates generally on “what is not working” and what is causing investment to be drawn elsewhere.
Then it’s a matter of thinking “do we have a response, can we have a response and what that response can be.”
“It's not like there isn't a vibrant, clean tech community that wants to be in Europe that wants to be able to scale,” she said.
Reinaud said there is still a “flourishing of companies” in Europe, she said. “And hopefully you do want these companies to become global.”
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