From WSJopinion: Many European voters still believe in the zero-carbon agenda. But there is a dawning realization that the high energy costs associated with net-zero goals will deindustrialize the West, writes josephsternberg.
Journal Editorial Report: Its tailpipe emission standards turn auto companies into public utilities. Images: AP/AFP/Getty Images Composite: Mark KellyThe Inflation Reduction Act ranks among the most dishonest pieces of legislation ever passed in the U.S. How ironic, then, that the law is causing new rays of truth to burst forth—in Europe.
Europe’s complaint is that the act will work too well. The Continent has been barraged by reports of one company after another shifting investment to the U.S. from Europe in a mad dash to soak up the new law’s generous climate-related subsidies. This week it’s the prospect of a battery manufacturer in favor of America. The long and growing list of companies diverting green investments to the U.S. includes German auto makers BMW and Volkswagen and Italian energy firm Enel .
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