In Mo i Rana, a small Norwegian industrial town of about 20,000 people that sits on the edge of the Arctic Circle, a cavernous gray factory sits empty and unfinished in the snowy twilight — a monument to unfulfilled economic hope. The electric battery company Freyr was partway through constructing this hulking facility when the Biden administration’s sweeping climate bill passed in 2022. Perhaps the most significant climate legislation in history, the Inflation Reduction Act promised an estimated $369 billion in tax breaks and grants for clean energy technology over the next decade. Its incentives for battery production within the U.S. were so generous that they eventually helped prod Freyr to pause its Norway facility and focus on setting up shop in Georgia. Generous subsidies are helping the U.S. steal green industries from Europe, as countries race to secure the energy supplies of the future. Tap the link in our bio to read about how Mo i Rana offers a stark example of the competition underway. Cre: The New York Times