European suppliers shifting to US to escape high energy costs: Faury

Bloomberg

Airbus Chief Executive Officer Guillaume Faury warned that European aerospace suppliers are starting to move to the US to escape surging energy costs and urged governments to provide tax breaks to halt the flow.
Some German companies, for example in the chemicals sector, have already decided to relocate, while in France there’s more of a “wait and see” attitude that could result in departures early next year, Faury said in Paris.
“A certain number of smaller, energy-dependent companies can no longer make the equation work,” Faury said in a media briefing in his role of head of French aerospace lobby Gifas. “They must decide whether to shut down operations or to move where energy prices are lower.”
Faury said the US law is “very favourable” towards aviation suppliers, who are also attracted by subsidies for carbon-free energy programs, including green hydrogen, an area in which Airbus is particularly active. The EU, by contrast, “has good intentions” but its regulatory framework is too restrictive and complex, “with a lot more taxes, a lot more barriers and a lot more rules.”
“There are many industrial sectors that are looking to the US as the new place to make investments, and this worries me a lot,” Faury said at the event.
Airbus abandoned its jetliner delivery goal for 2022 amid supply-chain issues, and has previously warned that jump in energy costs will weigh
particularly hard on smaller, power-intensive producers, such as those making castings and forgings.