KPMG report: Green Deal Industrial Plan
A KPMG report summarizing the EU’s Green Deal Industrial Plan
A KPMG report summarizing the EU’s Green Deal Industrial Plan
The EU intends for Europe to be the first climate-neutral continent by 2050 through the European Green Deal, which includes the Fit for 55 Package (read TaxNewsFlash) and the RePowerEU Plan.
One of the legislative proposals within the Fit for 55 Package that has attracted the most attention (and controversy) is the implementation of the EU’s Carbon Border Adjustment Mechanism (CBAM), which is scheduled for implementation on 1 October 2023 and is expected to reshape global trade at large.
The United States in August 2022 enacted H.R. 5376, commonly called the “Inflation Reduction Act of 2022”, which contains a significant package of tax incentives and benefits designed to support the United States in tackling climate change.
The European Commission (EC) on 1 February 2023 presented its Green Deal Industrial Plan, following concerns that targeted incentives for companies contained in the Inflation Reduction Act would result in the EU losing its clean technology competitive edge and citing the need for “a more supportive environment for the scaling up of the EU's manufacturing capacity for the net-zero technologies and products required to meet Europe's ambitious climate targets.”
Read a February 2023 report [PDF 291 KB] prepared by KPMG ESG Tax Global that summarizes the EU’s Green Deal Industrial Plan
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