In response to the massive green subsidy programmes of President Joe Biden's administration, the European Union unveiled plans on Wednesday for its own Green Deal to cut red tape and provide tax breaks.

The Green Deal Industrial Plan will "boost the competitiveness of Europe's net-zero industry" by simplifying regulation, speeding up access to funding, improving skills and building "resilient" supply chains through new trade deals, the European Commission said in a statement.

The proposals, which EU leaders will discuss next week, involve making 250 billion euros (272 billion US dollars) available from existing EU funds for greening the sector, including offering tax breaks for companies investing in net-zero technologies.

Speaking to reporters on Wednesday, European Commission President Ursula von der Leyen said the package of measures would ensure a "level playing field" across the globe. "Europe is determined to lead the clean tech revolution," she added.