Week Thirteen Analysis: Impact of the U.S. IRA on European Business Competition

Week Thirteen Analysis: Impact of the U.S. IRA on European Business Competition

In a series of recent reports, various organisations have shed light on the European Union's (EU) strategic focus on clean technology and electric vehicle (EV) adoption. Here's a roundup of some key findings:

1. The effects of the US Inflation Reduction Act (IRA) on EU competitiveness: Commissioned by the Confederation of Swedish Enterprise and analysed by Copenhagen Economics, this report aims to examine the impact of the US IRA on EU competitiveness and provide legislative recommendations for the EU's response.
2. EU enters race with the US to produce clean tech: According to a report published by ING, the EU is making a significant push to reduce its reliance on China in clean tech production. The EU's goal is to produce 40% of its clean tech by 2030 and shift to a low-carbon economy.
3. Driving the circular economy: Batteries, EVs, and the importance of connected data: This report by AVEVA explores the circular economy framework as it relates to the electric car market, emphasising the importance of safe data exchange and flexible data infrastructure in optimising this framework with rising EV sales.
4. Decarbonising the South African transport sector: Published by National Business Initiative, this report focuses on cutting carbon emissions and building a sustainable transportation system in South Africa, with a goal to promote discussion among stakeholders and industry experts.
5. 2023 Global Automotive Consumer Study - Southeast Asia perspectives: Deloitte's annual survey of over 26,000 customers, including 6,048 respondents from six Southeast Asian nations, provides valuable insights into consumer interest in adopting electric vehicles, brand perception, and the use of linked technology.
6. Initiatives to popularize EVs in India: While the organisation responsible for this report is not explicitly mentioned, it discusses the potential of electric vehicles to reduce air pollution in India and help the nation achieve its "energy independence" objective by 2047. The report also examines India's goals for EV adoption, the obstacles in the way of these goals, and the requirement for cooperation with top battery production firms.
7. Six essentials for mainstream EV adoption: This report by EY & eurelectric provides insights on the six essentials for mainstream EV adoption, exploring topics such as battery costs, charging infrastructure, and government policies.

These reports underscore the importance of raw materials like lithium, copper, and nickel, whose demand is expected to increase by 500% by 2050, and the need for investment to achieve the EU's goal of net-zero emissions by 2050. They also highlight the need for collaboration and legislative action to ensure a smooth transition to a low-carbon economy and widespread EV adoption.

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