The bill, enacted in August, includes US$369 billion in funding for clean energy projects, EV tax credits and other emission-reductions measures. “We believe this runs a real risk of a global subsidies race, which will benefit no one and will actually slow our green transformations,” Valdis Dombrovskis, European Commission executive vice-president, told reporters in Ottawa on Friday. (The Logic)

Talking point: If there’s a contest underway, Canada is lining up just past the starting line. Last month’s fall economic statement laid out the Liberal government’s plans for a $15-billion Canada Growth Fund, calling it a “down payment” on a full response to the IRA. On Thursday, Finance Canada launched consultations on investment tax credits for clean hydrogen and other cleantech, which it’s pledged to launch in next year’s budget. And after considerable lobbying from officials and industry, the IRA’s EV buyers’ incentive was expanded to include all North American-made models. That puts Canada “in a somewhat better position,” Dombrovskis acknowledged Thursday, noting the EU is seeking similar concessions from the U.S. Federal Trade Minister Mary Ng passed up an opportunity to agree with him that subsidy competition could impede economic greening, instead emphasizing that Canada, the U.S. and EU have all committed to spend to reach net zero.