European Commission chief Ursula von der Leyen has proposed a Green Deal Industrial Plan, saying Europe is “determined to lead the cleantech revolution.” The plan expands access to a €250-billion fund ($365 billion), and includes a Critical Raw Materials Act for cleantech inputs like rare-earth metals and a European Sovereignty Fund to finance cleantech projects. (The Logic)

Talking point: The EU’s plan comes as Canada is also under pressure to compete with the U.S. war chest of green subsidies, and now finds itself in the middle of two economic giants jockeying for position in the green transition. The announcement also comes on the heels of Industry Minister François-Philippe Champagne’s meeting with Thierry Breton, the EU internal-market commissioner this week, where the pair discussed cleantech and strategic investments in raw materials (and went ice fishing). Canada has gotten a leg up from the U.S. Inflation Reduction Act, which has prompted some Asian and European manufacturers to consider North American investments, thanks to policies like EV tax incentives that favour North American vehicle assembly and critical minerals from U.S. free trade partners.