EU loosens subsidy rules for green tech

BRUSSELS: The European Commission on Thursday relaxed state aid rules for green technology that helps reduce carbon emissions in its bid to counter the threat to European industry from US and Chinese subsidies.

The commission, the European Union's executive arm, said the new rules will apply until the end of 2025 and, in "exceptional cases," allow members to match subsidies provided in other countries "where there is a real risk of investments being diverted away from Europe."