Amitabh Kant: US laws on renewable energy are ‘protectionist’

Amitabh Kant, G-20 Sherpa, said that the United States' laws subsidizing domestic green hydrogen production were "against the basic principles of free markets." He argued that the Inflation Reduction Act and CHIPS Act were the most protectionist pieces of American legislation since World War II. He said that by giving a production subsidy of $3 per kilogram to local companies to produce green hydrogen, the United States was artificially lowering the cost of production and preventing the market from reaching the size and scale necessary to encourage green hydrogen production. He suggested that the United States should instead source green hydrogen from friendly countries such as India, Australia, and South Korea.#amitabhkant #worldwarii #unitedstates Subscribe to The Times of India's YouTube channel: http://goo.gl/WgIatuFor daily news & updates and exclusive stories, follow the Times of IndiaFacebook:https://www.facebook.com/TimesofIndiaInstagram:https://www.instagram.com/timesofindia/Download the app: http://toi.in/3SLUCa80Follow TOI+ for well-researched and in-depth news and analysisFacebook:https://www.facebook.com/timesofindia...Twitter:https://twitter.com/TOIPlusInstagram:https://www.instagram.com/toi_plus/