The European Commission has bundled together ideas to finance a response to the United State’s contested $369 billion Inflation Reduction Act (IRA) in a draft plan seen by dpa on Monday. “The era of cheap fossil fuels is now over,” the plan announces, calculating that €170 billion ($185 billion) needs to be invested in wind farms and solar panels by 2030 for industry to compete. The draft contains a raft of options for the European Union to subsidize clean energy technologies – focused on existing EU funds and relaxed state aid rules – to head off the risk of the bloc’s industry relocating to …