According to CEO Svein Tore Holsether of Norwegian fertilizer producer Yara, in stark contrast to the United States, Europe is not providing sufficient incentives for companies to transition to green technologies.
Holsether recently said in an interview: "From a business perspective, it would make much more sense to expand in the US, and that is what is happening now across the board. We risk losing both our ability to decarbonize, but also some of the most important industrial companies as well. And that should be a major wake-up call for Europe."
"The US comes with a carrot and cheap energy while we, as Europe, have a stick and expensive energy," Holsether said, describing the application process in Europe as cumbersome with uncertain outcomes.
Yara, one of the world's biggest fertilizer producers, has signed deals to deliver fertilizers produced without using fossil fuels, most recently with El Parque Papas, Argentina's biggest potato farmer, which would be produced at a plant in Norway.