French President Emmanuel Macron isn't hiding his displeasure with aspects of Biden's signature climate law that Macron said will have an enormous negative impact on European companies.
Biden is set to honor Macron with the first state dinner of his presidency on Thursday evening. First, the two leaders will sit down in the Oval Office for morning talks that officials from both sides said were expected to largely center on the leaders’ efforts to stay united in their response to Russia’s war in Ukraine and to coordinate their approach to an increasingly assertive China.
Macron on Wednesday criticized the legislation, known as the Inflation Reduction Act, during a luncheon with U.S. lawmakers and again during a speech at the French embassy. The French president said that while the Biden administration’s efforts to curb climate change should be applauded, the subsidies would be an enormous setback for European companies.
He criticized a deal reached at a recent climate summit in Egypt in which the United States and other wealthy nations agreed to help pay for the damage that an overheating world is inflicting on poor countries. The deal includes few details on how it will be paid for, and Macron said a more comprehensive approach is needed — "not just a new fund we decided which will not be funded and even if it is funded, it will not be rightly allocated.
"I believe that this view is largely shared by those countries that are committed to a multilateral trading order," he told reporters in Berlin. "The Americans know that we see it that way and the European Commission will have told them this too." "There’s a number of provisions that will contribute to the growth of clean energy sector globally," Jean-Pierre told reporters. "It presents significant opportunities for European firms, as well as benefits to EU energy security. And this is not a zero-sum game for us."A U.N. panel published a new report on Feb. 28, 2022, summarizing the latest information on global warming and its effect on people.
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