The sweeping U.S. legislation was approved by U.S. lawmakers in August and includes a record $369 billion in spending on climate and energy policies.
The European Commission, the executive arm of the EU, has previously said there are "serious concerns" about the design of the financial incentives in the package.
There has been suggestions that Washington could find ways for European firms to access green subsidies.DAVOS, Switzerland — Spanish Prime Minister Pedro Sanchez told CNBC Monday that the European Union has something to learn from Washington and its new policies to fight inflation, saying he hopes that a trade war between the two sides can be avoided.
"We need to learn," Sanchez told CNBC when asked the Inflation Reduction Act which the U.S. hopes will make it the go-to place for green investment. "We need to reform some internal aspects of our industrial policies such as state aid, reducing bureaucracy and trying to send a message for the industry worldwide that's it's Europe, and of course Spain, that is a good place to locate," he added.
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