EU sets out green industry plan to rival U.S.

STORY: The plan is partly a response to multi-billion-dollar support programmes of China and the United States, including the latter's Inflation Reduction Act.

In the short term, von der Leyen said EU members could, for example, draw on about 250 billion euros from its RepowerEU fund to stimulate companies to reduce greenhouse gas emissions.

The European Commission is hoping member states will back its plan at a Feb.9-10 summit but it faces a hot debate.