Draghi report on Europeโs competitiveness falls short
While well-received in Brussels, the question of what exactly the common debt should finance, and how it would foster innovation, has been sidelined.
Green Economy
UK energy policy: 20 people to lobby at Conservative conference
LONDON โ The Conservative Party โgot trounced in the polls,โ ex-Energy Secretary Claire Coutinho admitted earlier this month. After 14 years controlling Westminsterโs levers of power, voters dumped the Tories unceremoniously from office overnight in July. And yet โ the party is already regrouping, jumping on energy bills and cost-of-living as one basis for a [โฆ]
German Green leaders resign after dismal election results
The party is mired in “the deepest crisis” it has faced in a decade, one of its outgoing leaders said.
โYou basically have free hot waterโ: how Cyprus became a world leader in solar heating
The country, which has more 300 days of sunshine a year, has embraced rooftop systems that harness the sunโs energyThe Thriamvos company truck pulls up at noon outside the four-storey building in the heart of Nicosia.Itโs the third rooftop installation…
FS policy: 20 people to meet at Labourโs conference
Looking to influence financial services policy but unsure who to meet at Labourโs inaugural party conference in Liverpool this weekend? Politicians, advisers or policy wonks: Weโve got the ultimate list of who holds the power in and around the first Labour Party conference in 14 years โ and who to have a chinwag with on [โฆ]
Only 65% of UK firms have plan to cut emissions to net zero, study shows
Post-Brexit uncertainty partly blamed for low rate with just half of companies surveyed measuring their carbon footprintJust 65% of UK businesses have a plan to reduce their emissions to net zero by the 2050 deadline, the largest ever industry survey h…
Circular sellers
Across the continent, ingenious small businesses are saving products from landfills and giving them a new lease on life.
Activist opposed to Rio Tinto lithium mine receives anonymous death threats
Serbian green campaigner who co-drafted declaration against lithium exploitation now fears for his safetyWhen Aleksandar Matkoviฤ received the first message threatening his life, he thought it was a prank. The text, sent to his Telegram account just af…
About 500,000 trees cut down at site of Tesla gigafactory near Berlin
Satellite image analysis shows 329 hectares of forest cleared during development of factory in GermanyThe development of a Tesla gigafactory near Berlin has resulted in about 500,000 trees being felled, according to satellite analysis.The building of t…
โDrill, baby, drillโ: Americaโs fossil fuel boom risks bust in Europe
Both Trump and Biden are pushing lucrative U.S. fossil fuel deals โย a risky bet given the EU’s plans to wean itself off the energy source.
โIt needs to stay in the loopโ: German reuse schemes turn shopping upside down
After success of bottle deposit schemes, some retailers are trying to widen culture of reuse โ and start tackling Europeโs waste problemRenรฉ Heiden pulls two glass yoghurt jars off the shop shelf, and lists the nearby supermarkets in which they can be …
Russian ties and cheap tech: G7 leaders unequivocal in criticism of China
Concerns set out over supply of materials with military applications, and impact of subsidies on global marketChinaโs role in providing assistance to Russia in its war against Ukraine, and its โharmful overcapacityโ in the production of cheap goods, ha…
Time for Europe to deliver
Europeโs destiny must be to remain a beacon of peace, a thriving democracy where the rule of law is observed.
German weapons-maker loses Champions League final
Borussia Dortmund’s sponsorship deal with mega arms merchant triggered debate before the big game, in a country where military matters can still be taboo.
Call for UK crackdown on plastic packaging to drive green economy
FTSE 100 firm DS Smith, which works with firms over alternatives, urges next government to match global standardsWhoever wins the UK general election must tighten regulations to slash the use of plastic packaging, match global standards and drive โgree…
โNo alternativeโ: EU climate chief urges MEPs not to use crisis as political tool
Exclusive: Wopke Hoekstra says EU must press ahead with cutting greenhouse gases and use policy to bring about economic benefitsEuropeโs climate chief has warned against politicians trying to use the climate crisis as a wedge issue in the forthcoming E…
Industry bosses to EU: Help us level up in the global green tech race
As elections near, industry bosses argue the EU needs to create the right conditions to build a competitive green economy.
A new inconvenient truth: Europeโs global plans all require money no one has
A competitive, green Europe will require trillions in investments. No one has a good answer on where that money will come from.
EU leaders mull ways to arrest bloc’s economic decline
With Europe falling behind the US and losing ground to China, the special European Council will focus mainly on Europe’s economic competitiveness in the global arena. But talks will also cover Ukraine, Turkey and the Middle East.
Resist backlash on deforestation law, green groups tell EU
European environmental groups have urged the EU Commission to stand firm on implementing the bloc’s landmark anti-deforestation legislation โ despite a backlash from governments in South America, Africa and some EU ministers.
EU loses โฌ33m an hour in super-rich’s unpaid taxes
Oxfam demands more action from MEPs, as the EU governments lose โฌ33 million every hour in unpaid taxes from Europe’s super-rich.
Price-cap could slash 60 percent of Russian LNG earnings: report
According to a new report, Russian overseas gas exports could be cut by 60 percent without endangering European energy security.
EU fiscal rules will leave multi-billion gap on green, social goals
The EU provisionally agreed new fiscal rules to reduce debt ratios and deficits while protecting investment in key areas โ new analysis shows that only 3 countries could afford to meet their green and social goals in 2027 under them.
Shell sets out its stall in climate case appeal
Shell is battling to persuade judges in The Hague to reverse a court ruling ordering significant reductions in climate-warming greenhouse gas emissions.
The EUโs great green retreat benefits the far right. For the rest of us, itโs a looming disaster | Arthur Neslen
Environmental pledges are being shredded to please agribusiness and appease extremists. Itโs a terrible mistakeThe EUโs great green deal cave-in has been nothing less than spectacular. As aggressive lobbying and violent farmers protests ramped up in th…
[Analysis] ‘A race to the bottom’: How the CAP green ambitions unravelled
The EU’s easing of green agricultural policy conditions as a response to farmers’ protests has sparked controversy. Critics fear that short-term quick fixes are not a solution for the sector, while others cite a CAP-Green Deal gap.
“Swiftly dial back” interest rates, ECB told
Italian central banker Piero Cipollone in his first monetary policy speech since joining the ECB’s board in November, said that the bank should be ready to “swiftly dial back our restrictive monetary policy stance.”
Asian workers pay price for EU ship recycling
Loopholes in international regulations on ship recycling are resulting in major human and environmental damage.
[Investigation] Poison for sale โย the pesticides banned in EU in use in Kenya
Big-Agri is using markets in developing countries to sell products banned in Europe โ despite their harmful effects on health and the environment.
Doubt and anger greets last-minute backtracking on EU biodiversity law
EU environment ministers expressed anger at the last-minute backtracking by some EU countries on the EU nature restoration law and questioned the Belgian commitment to get the important file across the finish line
EU postpones vote on landmark nature restoration law
EU delays Nature Restoration Law vote after a Sweden, the Netherlands and Hungary retracted their support.
Will the EU finally move to integrate financial markets?
Cash-strapped EU governments reiterate their call for a Capital Market Union, with new discussions planned for April, but a compromise remains uncertain.
EU plan to use โฌ3bn Russian windfall to aid Ukraine
EU leaders in Brussels this week are poised to finalise plans on using approximately โฌ3bn in annual profits from frozen Russian assets to buy ammunition and weapons for Ukraine.
Dutch airline KLM misled customers with vague green claims, court rules
Operator also found by Amsterdam court to have painted โoverly rosy pictureโ of sustainable aviation fuelThe Dutch airline KLM has misled customers with vague environmental claims and painted โan overly rosy pictureโ of its sustainable aviation fuel, a…
Call to change EIB defence spending rules hits scepticism
Fourteen EU member states are pushing for the European Investment Bank to boost defence investment, potentially including ammunition โ but bank officials have shown reluctance.
EU supply chain law ‘slashed’ by member states in last-ditch deal
Member states have formally, and finally, adopted the corporate sustainability due diligence directive โ but the landmark legislation was severely watered-down, and will not come into force for most companies until the end of the decade.
EU’s grid problems worse than thought, report finds
Europe’s power-grid problem is worse than previously thought, a new report by clean energy think-tank Ember has found.
EU supply chain law fails, with 14 states failing to back it
Member states failed on Wednesday to agree to the EU’s long-awaited Corporate Sustainable Due Diligence Directive, after 13 EU ambassadors declared abstention and one, Sweden, expressed opposition (there was no formal vote), EUobserver has learned.
EU nature restoration law approved after massive backlash
Hailed with loud applause by the 329 MEPs that approved the text, the final compromise approved on Tuesday is actually much weaker than the original EU Commission proposal first tabled in 2022.
India makes first objection to EU carbon levy at WTO summit
India raised its first formal complaints about the EU’s suite of new environmental laws on Monday, warning against protectionism in the name of environmental protection.
Angry farmers block Brussels again, urge fix to ‘unfair’ prices
Following weeks of demonstrations across Europe, farmers returned to Brussels to protest over unfair competition in prices, as EU agriculture ministers met just a few metres away to discuss a response. The police used water cannon and tear gas.
Record rate-profits sees EU banks give shareholders โฌ120bn
EU banks pledge to return โฌ120bn to shareholders as commercial banks earn record profits on central bank deposits. A main reason cited in bank earning calls is interest rates.
EU’s โฌ723bn Covid recovery fund saw growth, but doubts remain
The โฌ723bn Covid-19 recovery fund, launched three years ago, has been a success, according to a mid-term internal review โ but less effective than initially predicted. And according to one NGO, the commission painted an “overly positive picture”.
France’s Le Maire ‘goes German’ with austerity budget
The French government announced โฌ10bn in further spending cuts. However, defence spending is set to increase significantly, up to โฌ413bn from โฌ295bn. โฌ400m was cut to a fund meant for renovating schools, carpooling infrastructure and other regional env…
ECB keeps rates high, despite flagging economy
The ECB keeps rates high despite flagging economy, citing expected wage growth as a potential inflation driver.
[Analysis] Is geothermal energy the climate fix everyone forgot?
When EU climate commissioner Hoekstra defends the 2040 climate-targets in Brussels on Thursday, will he remember the geothermal energy option?
Online platforms must be liable for payment scams, say MEPs
MEPs have agreed on new rules to level the playing field between banks and non-banks, and to make payments more user-friendly, cheaper and safer โ including measures to make online platforms liable for payment fraud that occurs through their services.
Tax avoidance and VAT gap on menu for future EU revenue
The European Parliament discussed the future of the single market and taxation โ what are the different ideas to raise revenue and finance the transition to a sustainable economy?
Belgium central bank chief: Going green wonโt make you richer
And people will get angry if you don’t come clean about that, Pierre Wunsch says.
Belgium central bank chief: Going green wonโt make you richer
And people will get angry if you don’t come clean about that, Pierre Wunsch says.
Key Atlantic circulation system nearing breakdown, study finds
The circulation of the Atlantic Ocean is heading towards a breakdown that will dramatically alter the climate system.
EU budget offers little on post-2025 climate funds
The agreement on the EU’s hard-fought mid-term budget top-up between member states and the EU Parliament offers little to replace the bloc’s climate financing.
EU doubles down on carbon capture in 2040 climate plans
To speed things up, the EU Commission aims to create an EU-wide “investment atlas of potential CO2 storage sites” to help investors find “bankable CO2 storage capacities”
[Analysis] Von der Leyen kills EU pesticides ban in election sop to farmers
Ursula von der Leyen’s symbolic decision to withdraw the flagship plan to halve use of pesticides responds to political resistance against the EU Green Deal โ not only from protesting farmers in the streets but also withinย her partyย ranks.
Germany announces โฌ16bn gas expansion
German ministers approved a โฌ16bn plan to subsidise four gas-fired power plants, which can supply up to 10 gigawatts of electricity. The EU Commission, which previously raised concerns over Germany’s gas expansion plans, must still approve the subsidie…
EU to unveil 2040 climate goal with controversial ‘net’ cuts
The European Commission is expected to back a 90 percent net cut to emissions by 2040, but it likely to include what some have called an “implausibly large amounts of carbon capture” as a solution.
Farmers call for ‘fair prices’ and set fires in Brussels protest
Thousands of European farmers protested outside the European Parliament for fair prices, less red tape and more time and money for the green transition โ but fires and vandalism in Brussels may overshadow their cause.
‘Vague’ national plans threaten EU’s 2030 climate targets
Europe’s 2030 climate goals are at risk due to “inconsistent and contradictory” national plans, experts at the European Climate Neutrality Observatory (ECNO) have warned, in a detailed look at domestic programmes for the next six years.
EU’s appetite for gas drives โฌ205bn in new investments
EU’s appetite for gas drives โฌ205bn new investments, according to NGO Global Witness analysis, based on Rystad Energy data.
EU launches agri-food dialogue, amid farmer revolts
EU Commission president Ursula von der Leyen launched this week “a strategic dialogue” on the future of agriculture in the EU. The initiative comes amid discontent and farmers’ protests in several countries.
[EUobserved] Are ECB economists a ‘tribe’ or ‘violinists’?
This week, a debate erupted between central bankers on whether economists are better described as a “tribal clique” (European Central Bank boss Christine Lagarde) or “violinists” (former deputy governor of the Irish Central Bank.)
EU presents economic security plan, amid China rivalry
The European Commission tabled a proposal to strengthen so-called ‘economic security’ in the bloc. These are the most important elements.
Farmer discontent spooks Macron as he weighs EU election pick
French president could back a pro-farmer lead candidate for his party in the next European election to head off wider protests.
EU Parliament united in call for first-ever geothermal strategy
Geothermal energy is heat generated in earth’s crust and is used mainly for electricity generation, district heating and industrial processes and could be Europe’s next big thing in renewable energy.
EU approves new anti-money laundering deal
The EU reached a provisional agreement that will give the bloc more powers to combat money laundering and terrorist financing through high-value assets and crypto.
EU experts urge total fossil-fuel subsidy phase-out
The EU climate advisory board, an independent scientific body, has urged phasing out fossil fuel subsidies and concluding the Green Deal pending files to ensure 2030 targets are met.
MEPs approve new ‘suicidal’ EU debt and spending rules
MEPs approved a negotiating text on new EU debt-and-spending rules during a plenary vote in Strasbourg, despite warnings from the leader of the Greens it was “economic, environmental, geopolitical and democratic suicide.”
[Interview] Greens leader will do ‘whatever I can to derail’ new EU fiscal rules
Greens leader Philippe Lamberts MEP warns against new austerity and tells EUobserver he would ‘do whatever is necessary to derail’ EU fiscal rules proposal and ‘ensure that there is no deal because we cannot afford to have a bad deal’.
Gentiloni warns joint borrowing needed for green targets
Without more joint borrowing, member states will miss green and digital investment targets, economy commissioner Paolo Gentiloni told MEPs.
2023 marked by extreme weather events and record heat
Last year saw again a large number of extreme weather events, unprecedented global temperatures, record concentrations of carbon dioxide and methane, and high ocean temperatures.
[Analysis] How the EU’s Green Deal could widen gender inequalities
As currently designed, the EU’s Green Deal could exacerbate social and gender inequalities โ how can public environmental policies improve women’s access to these better paid jobs?
‘A prosperous New Year’? EU heads for austerity in 2024
It is all but certain that much of the EU is heading towards austerity in 2024.
EU poised for last-minute deal on new fiscal rules
European finance ministers will hold a videoconference on Wednesday afternoon to clinch a last-minute deal on the bloc’s spending and debt rules.
Europe gets bad grades on meeting environmental targets
The EU may yet be on track to meeting its 2030 climate goal of cutting emissions by 55% compared to 1990 levels, but progress on its other environmental targets looks glum, a new report by the blocโs auditor shows.
The two days that salvaged a climate deal
โThere were times in the last 48 hours where some of us thought this could fail,โ U.S. climate envoy John Kerry said later.
COP28 deal to only ‘transition away’ from fossil fuel agreed
World leaders agreed to ‘transition away’ from fossil fuel at the UN climate summit in Dubai โ but a massive funding gap remains as wealthy countries fail to commit to new climate financing for low-income countries.
Final fight over oil and gas phase-out at COP28 looms
As negotiators enter the final stretch of talks at the UN climate conference in Dubai, a group of countries united in a call for a fossil-fuel phase-out.
COP28 focuses on EU failure to cut livestock emissions
This year’s COP28 casts its eye on agriculture, which generates one-third of global emissions. A sector in which EU climate policies lack ambition โ as even acknowledged by members of the EU delegation.
Diplomatic cables reveal UK fears over $15B Vietnam coal deal
Briefing notes reveal private worries about a major green deal struck between Vietnam and international donors.
EU ministers prepare for all-night fiscal debate
EU finance ministers are set to discuss debt and spending rules over dinner on Thursday evening (7 December), in what officials say may turn into an all-nighter.
Spain’s Nadia Calviรฑo backed to be EIB’s first female chief
With less than a month to go before the start of a new leadership of the European Investment Bank, the world’s largest multilateral lender, the path seems finally clear for one of the candidates, Spanish finance minister Nadia Calviรฑo.
[Analysis] Is there hope for the EU and eurozone?
While some strengths may have been overlooked recently, leading to a more pessimistic outlook on the EU and the euro area than the truly deserve, are there reasons for optimism?
‘Green’ banks lend most to polluters, reveals ECB
Researchers at the European Central Bank revealed that commercial banks in the eurozone, touting themselves as ‘green,’ issue more loans to major polluters than average banks.
EU public procurement reform ‘ineffective’, find auditors
The EU Commission reformed procurement directives to make bids more attractive (and competitive), but the reform has failed, say auditors. Procedures now take longer, and the number of direct awards and individual tenders has increased over the past de…
COP28 warned over-relying on carbon capture costs โฌ27 trillion
Over-relying on carbon capture technologies at this year’s COP28 climate summit in Dubai could have a โฌ27 trillion price tag, Oxford researchers find.
COP28 debates climate finance amid inflated accounting โmessโ
Closing the gap between what’s needed and what’s actually distributed is one of the main topics at the COP28 UN climate summit in Dubai on Monday. One problem is that no one knows how much is actually being spent.
[Analysis] What are the big money debates at COP28 UN climate summit?
The most critical UN climate conference (COP28) ever will run from Thursday to mid-December โ with talks on climate commitments and climate finance expected to determine the success of this year’s summit.
EU bets big on fossil hydrogen and carbon storage
The EU Commission presented a list of 166 energy and power projects on Tuesday that will lay the foundation for Europe’s future energy system.
[Analysis] Tug-of-war on bioplastics in new EU packaging waste rules
MEPs have adopted their position on new rules for packaging and packaging waste, which have been marked by strong interventions from industry and national interests.
Study: Renewables key to fighting energy-price inflation
A new report by the German think-tank Dezernat Zukunft shows that 50 percent of all inflation in 2022 was caused by higher fossil fuel costs driving up the price of energy.
European left must convince voters that green transition is socially just
Europeโs socialist parties must convince voters that the transition to a green economy is socially just, centre-left leaders have argued in a series of policy proposals ahead of next Juneโs European elections. ย
Germany freezes spending as budget crisis deepens
As Germany’s financial woes grow more acute, there are growing calls to suspend the country’s debt brake.
‘7,200 fossil-fuel lobby passes’ at 20 years of UN climate summits
The UN granted 7,200 passes to fossil-fuel lobbyists over the past two decades, new analysis shows ahead of the upcoming UN-led climate talk in Dubai (COP28), which start next week.
Richest 10 percent in EU emit as much CO2 as poorest half
The richest 10-percent of European citizens are responsible for as much carbon pollution as half of Europe’s poorest people, according to a new Oxfam report.
Anti-green backlash hovers over COP climate talks
War, a fossil fuel boom and populist revolts are sapping the optimism from the fight against climate change. And then thereโs Trump.
Q&A: How to create a sustainable lithium supply chain for a carbon neutral world?
As the world races to electrify and reduce carbon emissions, demand for the silvery-white alkali metal is skyrocketing.
German constitutional court strikes down โฌ60bn climate fund
Germany’s constitutional court struck down a โฌ60bn off-budget government climate fund on Wednesday (15 November), putting the country’s legal commitment to limit climate change at serious risk.
Negotiators finally clinch deal on landmark nature restoration law
MEPs and EU member states have reached a deal on the Nature Restoration Law โ one of the most controversial initiatives of the EU’s green agenda. Why does it matter?
Talks needed over density of offshore windfarms in Europe, warn experts
Turbines can โstealโ energy from those downwind and neighbouring projects could lead to conflicts of interest Europe could theoretically produce all of its electricity needs from offshore wind power. With that objective, the continentโs coastal nations…
Planned fossil-fuel production twice 1.5ยฐC limit, UN says
According to a new UN-backed report, governments plan to produce more than double the amount of fossil fuels in 2030 than a 1.5 degrees Celsius limit allows