President Joe Biden and top EU official Ursula von der Leyen announced on Friday the start of negotiations on granting access to European producers seeking to export critical minerals for electrical vehicle batteries under a new US programme to stimulate the green economy.
“We intend to immediately begin negotiations on a targeted critical minerals agreement for the purpose of enabling relevant critical minerals extracted or processed in the European Union” to qualify for the US government subsidies under Mr Biden's signature Inflation Reduction Act stimulus plan, they said in a joint statement.
Batteries are a vital part of the US plan for massive expansion of electric vehicle production. The Inflation Reduction Act sets aside about $370 billion for tax credits and clean energy subsidies, but contains a “made-in-America” requirement for qualification.
European leaders have grown worried that EU-based energy and car companies will be shut out or move to the US.
The aim of the critical mineral talks will be to provide one significant exemption for the EU.
“Today we agreed that we will work on critical raw materials that have been sourced or processed in the European Union and to give them access to the American market as if they were sourced in the American market. We will work on an agreement,” Ms von der Leyen told reporters after meeting Mr Biden.
In their joint statement, the two leaders stressed that the Inflation Reduction Act and new European initiatives meant to mirror the programme, such as the Green Deal Industrial Plan, should work in tandem.
“Both sides will take steps to avoid any disruptions in transatlantic trade and investment flows that could arise from their respective incentives,” the statement said.
“We are working against zero-sum competition so that our incentives maximise clean energy deployment and jobs — and do not lead to windfalls for private interests.”
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
UAE currency: the story behind the money in your pockets
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
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1. Fasting
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- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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UAE currency: the story behind the money in your pockets
