European clean technology start-ups have attracted less than half as much investment as US counterparts since Washington unveiled a landmark $390bn package of climate subsidies and tax credits a year ago, industry research shows.
The Inflation Reduction Act, signed into law by US president Joe Biden last August, established the US’s largest-ever climate investment aimed at decarbonising the US economy and boosting jobs in green industries.
The act has prompted a race to support technologies crucial for cutting emissions, with the EU, Australia and Japan launching similar legislation.
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