Germany eyes tax credits for renewable energy companies

BERLIN (AP) — A senior German government official is proposing U.S.-style tax credits to boost companies involved in shifting the country’s economy away from its dependence on fossil fuels. Economy Minister Robert Habeck said Germany and Europe as a whole need to strengthen the production capacity for clean energy, which would also lower electricity prices and help it compete with global rivals. European governments fear that huge incentives offered to clean tech companies through the U.S. Inflation Reduction Act could lure manufacturers across the Atlantic. There are also concerns that Europe is too dependent on China for supplies of key components needed for renewable energy production, such as solar panels.