Spanish companies seek to invest in the Biden plan against inflation


The United States Ambassador to Spain, Julissa Reynosohas put on the table this Wednesday the interest of Spanish companies to participate in the investments derived from the Biden plan to reduce inflation, known as a Inflation Reduction Act (IRA) either Inflation Reduction Law. Some statements that he has made during his participation in the America Forum, organized by Europa Press and Estudio de Comunicación. Reynoso has acknowledged that he understands the criticism of the new norm, in reference to the suspicion of some European governments.

In addition, he added that “in Spain I have not received that criticism, rather the opposite, because there are many Spanish companies who are in the US, want to invest in the country and participate in these projects that are being carried out within the framework of the new Law”. The circumstance occurs that the United States happens to be the pmain export destination for Spanish companies outside the European Union, with some 19,000 million euros during 2022.

fight against climate change

In this regard, Reynoso recalled that the aforementioned standard is “the most important investment in my country, and in any country in the world, in the fight against climate change.” In this sense, he has pointed out, that the objective of this plan to reduce inflation consists of “an investment to ensure that the United States can move from an outdated status to be able to invest significantly in renewable energyin all the infrastructure that has to do with that investment”.

The Inflation REduction Act (IRA) or Inflation Reduction Act, which was approved in August of last year at the impulse of the President of the United States Joe Biden, provides for the mobilization of up to 739,000 million dollars (694,939 million euros). What will be done through tax incentives, grants and loan guarantees. This includes investments for an estimated amount of 370,000 million dollars (347,939 million euros) to promote the energy transition through clean transport, including the purchase of locally manufactured electric vehicles.

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